The European Bank for Reconstruction and Development (EBRD) supports small, medium and very small enterprises (MSMEs) in Morocco through an initial loan of up to €50 million in local currency extended to Crédit Agricole du Maroc (CAM).
This loan will be used to finance and support eligible SME projects, 65 percent of which are located in areas affected by the September 2023 earthquake, 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, in the presence of Mr. Ahmed Bouari, Minister of Agriculture, Fisheries, Rural Development, Water and Forests, by the President of the European Bank for Reconstruction and Development, Odile Renaud Basso, and the President of Credit Agricole du Maroc, Mohamed Fikret. Following the conclusion of a Memorandum of Understanding between the European Bank for Reconstruction and Development and Crédit Agricole du Maroc in February 2024 with the aim of strengthening cooperation in Morocco with regard to access to finance, financial inclusion and the green economy.
Odile Renaud Basso said: “We are proud to continue supporting Morocco in its recovery after the earthquake that struck the country on September 8, 2023. Strengthening small and medium-sized enterprises in the affected areas is essential to ensure the continuity of their operations in the face of challenges and enhance the resilience of the local economy. Through this partnership with “Credit Agricole du Maroc, we aim to have a significant impact in the communities that need it most.”
For his part, Mohamed Fikret stated: “This initiative is part of the ongoing fruitful strategic partnership between CAM and the European Bank for Reconstruction and Development, which is characterized 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 support Financially, we will be able to provide a rapid and tailored response to the needs of local SMEs, while strengthening our public service mission to support equitable and sustainable development.”
This project is fully aligned with the strategy of the National Bank of Morocco, which considers financing SMEs a priority. The Ministry of Agriculture, Fisheries, Rural Development, Water and Forestry has made rural entrepreneurship a key pillar of the “Green Generation” strategy. It pays particular attention to supporting and mentoring rural SMEs, which, despite being central to the Moroccan economy, remains a sector that requires specific and tailored support. This financing from the EBRD will promote the creation of high-quality private sector jobs and help develop a resilient economy, strengthening the private sector and the wider economy.
Morocco is a founding member of the European Bank for Reconstruction and Development and became a country of operations in 2012. To date, the Bank has invested nearly €5 billion in the country through 106 projects and provided EU-funded advisory support to more than 1,000 SMEs. More than 77 percent of the European Bank for Reconstruction and Development’s investments in Morocco are in the private sector.
