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TunisiaMorocco: the European Investment Bank and JAIDA sign a financing contract to support microcredit activity via microfinance institutions (MFIs)
The European Investment Bank (EIB) and the financing company for microfinance organisations “JAIDA” announced that they have signed a loan agreement in the amount of €10 million (i.e. over 108 million dirhams) to support income-generating activities (IGAs) in Morocco. This support will strengthen JAIDA’s capacity to fund microfinance institutions in the country and support its action on financial inclusion and social development. The funding will be used exclusively to finance microcredits totalling less than €25,000 (approximately 270,000 dirhams) in order to promote income-generating activities and help maintain employment through micro and small enterprises (MSEs) with fewer than 10 employees in urban and rural areas, as well as self-employed workers, individual entrepreneurs and micro-entrepreneurs.
Thanks to this support to JAIDA, the second-largest donor and structuring actor in the microfinance (MF) sector in Morocco, the EIB is pursuing its objective of promoting sustainable and responsible financial services for the benefit of income-generating activities, in particular for rural and poor populations, including women and young people. With this funding, JAIDA’s loan portfolio is expected to be maintained at 800 to 900 million dirhams (€74-€84 million) per year.
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Countries covered:
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Morocco
