EBRD, backed by EU, launches Women in Business Programme in Morocco

The European Bank for Reconstruction and Development (EBRD) has launched its internationally successful Women in Business Programme in Morocco, with the aim of strengthening the national economy by unleashing the potential of female entrepreneurs.

The Women in Business Programme supports women entrepreneurs across the EBRD regions. Since its launch in 2014, the EBRD initiative has reached 35,000 women, providing financing of over €450 million in cooperation with more than 30 financial institutions in some 17 countries, as well as improved access to know-how, skills development training and business networks.

The EBRD’s Women in Business Programme in Morocco will receive important support from the European Union under the EU Initiative for Financial Inclusion which is delivering crucial funding for advisory services and for guarantees to the EBRD’s partner banks.

In an initial phase, the EBRD will provide the equivalent of a total of €35 million in local currency to BMCE Bank of Africa and BMCI to support women-led small and medium-sized enterprises (SMEs). The EBRD signed a five-year €20 million loan with BMCE and five-year €15 million loan with BMCI.

Other banks are expected to join the initiative. The programme aims in its initial phase to reach at least 200 women entrepreneurs, through both financing and advisory services. A focus will be put on supporting entrepreneurs outside of Morocco’s main commercial centres.

The Women in Business Programme has the potential to make a major impact in Morocco. The economic empowerment of women has been identified as an engine for promoting economic growth. Only 50 percent of formal women-led firms in Morocco use a bank account and even those who do are often unable to use the full range of what banks have to offer.

It places a strong emphasis on inclusive growth, reaching out to all sectors of society. In line with global climate goals, the EBRD expects to devote 40 percent of its total annual investments to green economy projects by 2020.

Since it began investing in Morocco in 2012, the EBRD has financed projects worth €1.6 billion in the country and provided over 400 Moroccan SMEs with business advice.

Original source: EBRD
Published on 18 September 2018