Econostrum | Economic News in the Mediterranean

EBRD supports Morocco

Written by Gérard Tur on Tuesday, August 18th 2020 à 13:38 | Read 139 times

EBRD supports Morocco
MOROCCO. The European Bank for Reconstruction and Development (EBRD) is increasing its loans to Morocco. It has just granted €40m to Caixa Bank Maroc, a subsidiary of Caixa Bank, Spain's leading retail bank. This sum is intended to support SMEs in difficulty following the covid-19 crisis. Caixa Bank Maroc has branches in Casablanca, Tangiers and Agadir.

On 11 August, the EBRD had already announced a €40m loan to Crédit Immobilier et Hôtelier, also intended to support Moroccan SMEs and businesses hard hit by the pandemic and containment measures. 20 M€ will irrigate the Greater Casablanca-Rabat region, which represents 70% of the Moroccan economy. The remaining €20m will feed a credit line dedicated to import/export operations.
The EBRD is also looking at the bedside of Moroccan public companies. In mid-August, it approved a loan of €115m to the Office National des Aéroports (ONDA), €100m to the Société Nationale des Autoroutes du Maroc (ADM) and €50m to the Office National de l'Electricité et de l'Eau Potable (ONEE). Here again, the aim is to provide liquidity to economic players heavily impacted by the crisis. At the same time, the EBRD will help the three public enterprises to reform and improve their governance.



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