EBRD Lends €2 Mln to Moroccan E-Payment Firm
The European Bank for Reconstruction & Development (EBRD) announced on Thursday the approval of a €2 million loan to Société Maghrebine de Monétique S.A. (S2M), a Moroccan firm that develops e-payments systems.
The loan will enable S2M to enhance its competitiveness and increase employment opportunities for young people with on-the-job-training programs
Under the Bank’s Blue Ribbon program, the EBRD funds will further support the growth and development of the Moroccan company. The Program provides finance and business advice specifically for firms that stand out for their market leadership and high-growth potential. It currently includes 47 companies in 26 countries where the Bank invests.
The EBRD’s financial support will also help raise the S2M’s competitiveness, including via the development of a marketing strategy, and aims to provide employment opportunities for young people with on-the-job-training programs with funding from Italy through the Small Business Impact Fund (Italy, Japan, South Korea, Luxembourg, Sweden, Switzerland, Taipei China and the USA).
Supporting small & medium businesses in Morocco are a priority for EBRD. The Bank is providing finance and advice to help deliver modern, transparent, productive and competitive companies that create jobs and strengthen the broader economy.
Since the start of its engagement in Morocco in 2012, the EBRD has invested around €1.8 billion, in some 50 projects that also include financing for sustainable energy and infrastructure in addition to its support for private sector firms.