SANAD partners with BANK OF AFRICA to strengthen SMEs in Morocco
January 24, 2023
Representatives from the SANAD Fund for MSME (SANAD) and BANK OF AFRICA met to mark a strategic collaboration to improve access to finance for small and medium enterprises (SMEs) in Morocco. The Fund has extended a financing line of EUR 25 million dedicated to financing SMEs, a key segment and critical contributor to the emergence of the Moroccan economy and job creation on a national scale. This senior loan will be bolstered by technical assistance provided by SANAD’s Technical Assistance Facility, which will help the Bank deploy its strategy in favour of SMEs.
This loan and the additional capacity-building support provided by the SANAD Fund are the latest steps in an ongoing cooperation between the two institutions in favor of SMEs and financial inclusion. In 2020, the SANAD Fund for MSME partnered with BANK OF AFRICA, supporting its activities in Sub-Saharan Africa through a EUR 25 million senior loan. Through its Technical Assistance Facility, the Fund also supported the group with implementing its sustainability strategy across the Group subsidiaries and reinforcing its internal staff capacities on environmental and social risks in line with best industry practices.
Through this funding, SANAD is expanding its partnership with the Bank in the Moroccan market, a key area of focus for the Fund. The Fund’s presence in Morocco, with more than $90 million invested to date, is strengthened with this loan. SANAD is supporting the Bank in its major strategic development areas, namely SME development and social impact. This financing is also expected to advance SANAD’s overall impact mission of fostering economic development and promoting business growth – contributing towards achieving SDG 8 (Decent Work and Economic Growth), and SDG 9 (Industry, Innovation, and Infrastructure).