The European Bank for Reconstruction and Development (EBRD) allocated a \u20ac145 million financing facility to Bank of Africa – BMCE Group to support Moroccan economy in the face of coronavirus.<\/p>\n
This is the first investment to be delivered under the EBRD\u2019s coronavirus Resilience Framework that was set up to meet the immediate short-term liquidity and working capital needs of existing clients.<\/p>\n
The Framework is a key element in the EBRD\u2019s Solidarity Package Covid-19 response and recovery program.<\/p>\n
Under the agreement with Bank of Africa \u2013 BMCE Group, the EBRD will provide a \u20ac100 million loan for on-lending to corporations and small and medium-sized enterprises that are experiencing a decrease in activity, turnover and profitability, to help them address their liquidity needs.<\/p>\n
In addition, the EBRD is increasing an existing uncommitted multi-currency trade finance limit by $ 50 million to facilitate export and import transactions.<\/p>\n
Marie-Alexandra Veilleux-Laborie, EBRD Director, Head of Morocco, said: \u201cWe are very proud to roll out our swift support to the Moroccan economy by partnering with Bank of Africa \u2013 BMCE Group. This financial package is key for the resilience of Moroccan small businesses and for strengthening trade operations, which are much needed in this global crisis.\u201d<\/p>\n
Brahim Benjelloun-Touimi, Executive General Manager of Bank of Africa \u2013 BMCE Group, commented: \u201cOur partnership with the EBRD was sealed several years ago and this new transaction will allow Bank of Africa BMCE Group to further strengthen its commitment to Moroccan companies, in particular to the refinancing of their foreign trade operations, as globally, markets are facing difficulties in terms of foreign exchange liquidity.\u201d<\/p>\n