The European Bank for Reconstruction and Development (EBRD) approved on Thursday a $100 million loan to Moroccan “Banque Centrale Populaire (BCP) to support local small businesses affected by the coronavirus pandemic.
The loan is the second to the country under the EBRD Solidarity Package, set up to meet the immediate short-term financing needs of existing clients and to strengthen the resilience of the financial sector during the coronavirus crisis.
BCP will extend EBRD funds to corporations and small and medium-sized enterprises that are experiencing a decrease in activity, turnover and profitability to help them address liquidity needs.
In Morocco, the EBRD is one of the first financial institutions to develop adequate financial and advisory instruments to alleviate the impact of the pandemic on the economy.
BCP is the second largest bank in Morocco in terms of lending. It offers a wide range of retail, corporate and investment banking services with a strong focus on micro, small and medium-sized enterprises.
Morocco is a founding member of the EBRD. Since 2012, the European bank has invested €2.4 billion in 65 projects carried out in the North African Kingdom.