The European Bank for Reconstruction and Development (EBRD) announced on Tuesday a €145 million financing facility to Moroccan Bank of Africa (BMCE Group) to support the country’s coronavirus response.
This is the first investment to be delivered under the EBRD’s coronavirus Resilience Framework that was set up to meet the immediate short-term liquidity and working capital needs of existing clients.
The EBRD funding will enable the Moroccan Bank to support SMEs that are experiencing a decrease in activity, turnover and profitability, to help them address their liquidity needs. This will also alleviate impact of coronavirus pandemic on the country’s economy.
Marie-Alexandra Veilleux-Laborie, Head of EBRD Office in Morocco, said: “We are very proud to roll out our swift support to the Moroccan economy by partnering with Bank of Africa – BMCE Group”.
This financial package “is key for the resilience of Moroccan small businesses and for strengthening trade operations, which are much needed in this global crisis”, she stressed.
For his part, Brahim Benjelloun-Touimi, Executive General Manager of Bank of Africa – BMCE Group, said: “our partnership with the EBRD was sealed several years ago and this new transaction will allow Bank of Africa BMCE Group to further strengthen its commitment to Moroccan companies, in particular to the refinancing of their foreign trade operations, as globally, markets are facing difficulties in terms of foreign exchange liquidity.”
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested €2.2 billion in Morocco through 64 projects.