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Add to Preferred SourcesThe European Bank for Reconstruction and Development (EBRD) is supporting small businesses in Morocco to withstand the coronavirus pandemic with an approximately 430 million dirham (equivalent to circa €40 million) loan to CaixaBank’s Morocco branch.
The EBRD loan will help CaixaBank to increase much-needed funding for local small and medium-sized enterprises (SMEs) to address companies’ needs.
In addition, the EBRD will also support CaixaBank’s expansion strategy to SMEs located outside the Casablanca-Rabat axis, which represents 70 percent of the Moroccan economy, as they will be further served by CaixaBank’s branches in Tangier and Agadir.
In Morocco, the EBRD was one of the first financial institutions to develop financial and advisory instruments to mitigate the impact of the Covid-19 pandemic on the economy.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested around €2.4 billion in the country through 65 projects. Spain is also a founding member of the EBRD and, since 1992, an EBRD donor with a contribution of more than €104 million.
Original source: EBRD