A branch of the Banque Populaire in Rabat. ARCHIVES THE DESK
European Bank for Reconstruction and Development (EBRD) grants $ 100 million loan to the Central People’s Bank (BCP) for loans to local SMEs
The European Bank for Reconstruction and Development (EBRD) announces that it has granted a loan of 100 million dollars to the Central People’s Bank (BCP). This support line, which falls within the framework of the EBRD’s solidarity envelope, will be used to meet the liquidity needs of local SMEs.
“This envelope, which is part of the development bank’s response to mitigate the impact of the coronavirus pandemic on the Moroccan economy, will allow the Moroccan banking group to strengthen its loans to local private companies “, underlines the EBRD, in a press release, released on July 23.
The EBRD indicates that this loan is the second of its kind granted to Morocco within the framework of the European Bank’s Solidarity Envelope.
This initiative of the multilateral financing institution “Will meet the immediate short-term financing needs of existing BCP clients and strengthen the resilience of the financial sector during this period of crisis linked to the Covid-19 pandemic”.
The funds granted by the EBRD will be used by the BCP to strengthen its action in favor of companies, including micro-enterprises, which recorded a contraction in their activity, materialized by a significant drop in their turnover and profitability.
The EBRD announces that it plans to devote all of its activities to combating the economic impacts of the Covid-19 health crisis and recalls that to date, it has invested 2.4 billion euros in Morocco, through 65 projects.
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