- EBRD lends up to €50 million for on-lending to MSMEs in Morocco
- Loan provided in local currency (MAD) to Crédit Agricole du Maroc
- Funding to help small firms, many of which are in earthquake-affected areas
The European Bank for Reconstruction and Development (EBRD) is supporting micro, small and medium-sized enterprises (MSMEs) in Morocco through a senior loan of up to €50 million in local currency granted to Crédit Agricole du Maroc (CAM).
This loan will be used to finance and support the projects of eligible MSMEs, 65 per cent of which are in areas affected by the earthquake of September 2023, providing them with the liquidity they need to restart and sustain their activities, while preserving and rebuilding their livelihoods and human capital.
This loan agreement was signed in Rabat, Morocco, by the President of the EBRD, Odile Renaud-Basso, and the President of Crédit Agricole du Maroc, Mohammed Fikrat, in the presence of Ahmed Bouari, Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forests. It follows the conclusion of a memorandum of understanding between the EBRD and Crédit Agricole du Maroc in February 2024 aimed at strengthening cooperation in Morocco as regards access to financing, financial inclusion and the green economy.
Odile Renaud-Basso said: “We are proud to continue supporting Morocco in its recovery following the earthquake that struck the country on 8 September 2023. Strengthening MSMEs in the affected areas is essential to ensure the continuity of their operations in the face of challenges and to promote the resilience of the local economy. Through this partnership with Crédit Agricole du Maroc, we aim to achieve a significant impact in the communities that need it most.”
Mohammed Fikrat, for his part, stated: “This initiative is part of the fruitful ongoing strategic partnership between CAM and the EBRD, characterised by concrete actions in the service of the economic and social development of rural areas. It reflects our shared commitment to addressing the challenges we face. Thanks to this financial support, we will be able to provide a swift and tailored response to the needs of local MSMEs, while strengthening our public service mission in support of equitable and sustainable development.”
This project is fully aligned with the Bank’s country strategy for Morocco, which regards financing MSMEs as a priority. The Ministry of Agriculture, Maritime Fisheries, Rural Development, and Water and Forests has made rural entrepreneurship a key pillar of the “Génération Green” strategy. It places particular emphasis on supporting and guiding rural MSMEs, which, although central to Morocco's economy, remain a segment that requires specific and tailored support. This EBRD funding will foster the creation of high-quality private-sector jobs and help to develop a resilient economy, enhancing both the private sector and the broader economy.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the Bank has invested almost €5 billion in the country through 106 projects and has provided EU-funded advisory support to over 1,000 SMEs. More than 77 per cent of the EBRD’s investment in Morocco is in the private sector.