EIB supports Moroccan SMEs hit by Covid-19 with €60 Mln funding

The European Investment Bank (EIB) has provided Moroccan CIH Bank with a €60 million funding destined to support SMEs affected by the global health crisis generated by Covid-19 pandemic.

The two financial institutions signed on Wednesday an agreement to support Moroccan companies to stimulate the economic recovery from the impact of the pandemic.

The EIB funding is part of the European Union’s external lending mandate and falls under the Bank’s Covid-19 response and the Team Europe program. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness, and creating jobs.

The financing agreement provides for sharing the EIB’s expertise in promoting green financing and optimizing the provision of financial services to SMEs and, in particular, the smallest companies.

The EIB has been a key partner for Morocco for 40 years. It has financed several projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport, and even renewable energy.

CIH Bank is one of the major banks in the country. It offers digital banking products and solutions, serving individuals, professionals and businesses.