The European Bank for Reconstruction and Development (EBRD) green lighted a 20 million euro loan to the Moroccan Bank for Commerce and Industry (BMCI) to support Morocco’s women-led micro, small, and medium-sized enterprises (MSMEs), said EBRD in a release on Tuesday.
This partnership will focus on digitalization investments and will include increased support for MSMEs headed by female entrepreneurs in areas affected by the September 8 earthquake.
It will be reinforced by a technical assistance program funded by the European Union, which will provide concrete assistance in the form of advice, training, and development to female-led MSME in order to strengthen their skill development and entrepreneurial expertise.
An additional grant from the European Union will be awarded to this demographic of MSMEs for digitalization investments, according to the London-based financial institution, thereby ensuring that this assistance–which constitutes part of the BERD’s Women in Business (WiB) program–will promote women’s economic inclusion.
This investment marks the fifth collaboration between BMCI and BERD. It will assist BMCI in the consolidation of its commercial model, digital transformation, and overall practices to better collaborate with female-led MSMEs in order to facilitate their financial objectives.
As part of the BERD’s response to the Moroccan earthquake, the Bank’s Special Fund for Actionnaires (SSF) will absorb a portion of the immediate losses incurred by women-led MSMEs in the affected areas. It is one of the first operations to be carried out as part of a 250 million euro intervention package announced last month to help rebuild Morocco’s economy in earthquake-ravaged areas.
This operation will enable the bank to respond quickly to the effects of the tremor, while simultaneously promoting adherence to the primary goal of encouraging female entrepreneurship in Morocco, according to the BERD.