Morocco’s Bank Crédit Agricole gets $20 Mln Loan from EBRD to support exporters & importers
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday a $20 million loan to the Moroccan bank, “Crédit Agricole du Maroc”, to support local exporters and importers
The funds will be used to issue guarantees in favor 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 Program (TFP) to a record €3 billion for 2020 alone.
By joining the TFP, Crédit Agricole du Maroc gains 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.
The EBRD Program also creates the opportunity to develop new products such as factoring, which will support small and medium-sized enterprises and intra-regional trade.
Last week, Credit Agricole du Maroc got a €200 million loan from the European Investment Bank destined to support funding for agricultural projects.
The loan aims to promote bio-agriculture and support the agriculture ministry’s “Green Generation 2020.”
The new financing will benefit agriculture supply chains including production, storage, logistics, packaging, transformation and marketing.
The funding is also part of the EU assistance to Morocco in the wake of the coronavirus crisis and stresses on value creation and support for revenue generating activities with employment potential.
