EIB provides Morocco’s exporting SMEs financial backstop to step up competitiveness

EIB provides Morocco’s exporting SMEs financial backstop to step up competitiveness

The European Investment Bank (EIB) has pledged to guarantee loans extended to Moroccan exporting SMEs operating in the automotive, textile, agro-industry and agricultural sectors.

An agreement was signed Wednesday in Casablanca with Morocco’s Banque Centrale Populaire (BCP) to enable SMEs to get funding to modernize their operations, reduce CO2 emissions, expand working site, and increase working capital.

Commenting the agreement, EIB Vice-Pdt. Ricardo Mourinho Félix stressed the importance of supporting Moroccan exporting SMEs to strengthen their competitiveness and reduce their carbon footprint to get easy access into the EU market within the frame of the EU Green Deal.

“We are moving towards more low-carbon economic models and it is our role, as the EU Bank and Climate Bank, to accompany our partners”, he said.

For her part, EU Ambassador to Morocco Patricia Pilar Llombart Cussac said the guarantee agreement is part of the Morocco-EU partnership which supports sustainable development, competitiveness and green transition of SMEs.

Chairman of BCP Group, Mohamed Karim Mounir, hailed partnership with EIB, saying his Bank will offer exporting SMEs tailored lending to enhance their competitiveness and trade with the European bloc.

On Tuesday, Morocco and the EU agreed to partner in the fight against climate change, energy transition, environmental protection and the transition to a green economy.

The partnership aims at supporting the transition to a green economy through carbon emissions reduction, investments in renewable energy and green technology.

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