- EBRD providing US$ 20 million trade finance limit to Crédit Agricole du Maroc
- Support for local exporters and importers
- Crédit Agricole du Maroc to further develop its correspondent banking network
The European Bank for Reconstruction and Development (EBRD) is boosting trade in Morocco with a US$ 20 million trade finance limit to Crédit Agricole du Maroc, a leading local bank.
The uncommitted, multi-currency trade finance limit will be used to issue guarantees in favour of confirming banks and to provide cash financing for pre-export and post-import financing and for local distribution.
The coronavirus pandemic has seen strong demand for trade financing to keep the import and export of vital goods going. The EBRD has responded by increasing the total limit available under its Trade Facilitation Programme (TFP) to a record €3 billion for 2020 alone. Trade finance is a key part of the EBRD’s response to the coronavirus crisis.
By joining the TFP, Crédit Agricole du Maroc will gain access to a community of more than 100 issuing banks and 800 confirming banks worldwide, expanding its correspondent banking network and its international business opportunities. Joining the Programme will also create the opportunity to develop new products such as factoring which will support small and medium-sized enterprises and intra-regional trade.
The EBRD TFP was launched in 1999 with the aim of promoting international trade between the economies in the Bank’s regions, in the form of guarantees and short-term loans to selected participating banks and factoring companies.
Crédit Agricole du Maroc was the fourth-largest bank in Morocco in 2019. It operates as a universal bank through a network of around 400 branches.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested over €2.7 billion in Morocco through 69 projects.