Rabat, Sep 26 (IANS/MAP) The European Bank for Reconstruction and Development (EBRD) is helping to further increase financing to small and medium-sized enterprises (SMEs) in Morocco by providing 217 million dirhams (up to 20 million euros) in local currency loans.
The loan will be provided in two equal tranches to CaixaBank Branch in Morocco (CBM) for on-lending to SMEs, EBRD said in a statement on Tuesday.
Alain Pilloux, the EBRD Vice President for Banking, said: "We are pleased to partner with CaixaBank, to provide this much-needed funding in local currency. SMEs are the backbone of the Moroccan economy and supporting them will increase employment in the country and contribute to economic growth."
"We are extremely glad to sign this loan agreement with the EBRD and we expect a long lasting cooperation between our institutions," said Ignacio Pino, Country Manager of CBM in Morocco.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the bank has invested about 1.2 billion euros in 30 projects in the country.
CaixaBank Branch in Morocco (CBM) was established in July 2009. It is an international branch of CaixaBank SA (CBS), the third-largest lender in Spain.
--IANS/MAP
soni/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app