The European Bank for Reconstruction and Development (EBRD) is providing a €100 million loan to Banque Centrale Populaire (BCP) to support industrial small and medium sized enterprises (SMEs) in Morocco.
The EBRD funds for BCP will be on-lent to industrial SMEs operating in the export-oriented Moroccan off-shore zones, as well as the mainland, increasing available funding for this vital sector and helping to integrate Moroccan SMEs into the global economy through export growth.
Laurent Chabrier, EBRD Director for Morocco, said: “We are pleased to partner once again with BCP to channel funds to industrial SMEs. Improving access to finance for SMEs in the country will help boost their competitiveness, as well as strengthening and reinforcing the manufacturing industry as a major job creator.”
Laïdi El Wardi, BCP Managing Director in charge of Retail Banking, commented: “Through this new agreement, our partnership with the EBRD will reach another level. The new package, which includes the loan as well as technical assistance to SMEs, will be added to the wide range of solutions in our strategy for supporting industrial ecosystems.”
The SME credit line will be reinforced by technical cooperation activities and business advisory services for sub-borrowers. These will be funded by the EU Neighbourhood Investment Facility (NIF), the SEMED Multi-Donor Account and the EBRD Shareholder Special Fund.
The EBRD has been investing in Morocco since 2012. To date, the Bank has committed €874 million in 24 projects across the country, in addition to over €150 million of trade-facilitation credit lines with local banks.