Spain to grant €20Mln loan to Moroccan micro-financing fund Jaïda

The Spanish Council of Ministers approved, on Wednesday, an agreement to grant a loan of up to 20 million euros to the Fund for the financing of microfinance organizations in Morocco, Jaïda.

The loan, granted through the Spanish Agency for International Development Cooperation (AECID), aims to finance the expansion of the Jaïda Fund portfolio.

”The support to several microfinance institutions, through Jaïda, and its important distribution network, with branches and outlets in priority areas of Spanish development cooperation, facilitates the alignment with the priorities of AECID in Morocco, which allows possible synergies for Spanish action in different areas of development,” the Spanish government said in a statement.

Jaïda is a fund for financing microfinance institutions (MFIs) in Morocco. It was established as a limited company under Moroccan law and approved by Morocco’s central bank, Bank Al Maghrib as a financing company.