The Crédit Agricole du Maroc Group (GCAM) and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding (MoU) on Wednesday to improve access to financing across the fields of post-earthquake (September 8) reconstruction, financial inclusion, and the green economy.
Mohammed Fikrat, Head of the GCAM Board of Directors, and Francis Malige, Managing Director of EBRD Financial Institutions, attended the signing ceremony.
The agreement set a framework of collaboration centered on several crucial areas. It offers a line of funding to promote economic activity in earthquake-affected communities, thereby accelerating rehabilitation and economic recovery.
The partnership also includes financial support for Morocco’s transition to a green economy, concentrating on the agricultural and agri-food sectors, renewable energy projects, and environmental protection.
Financial inclusion and digitalization are prioritized for economically disadvantaged individuals and regions, with the goal of eliminating economic disparities and improving access to essential financial services.
Moroccan exporting enterprises will be bolstered to enhance their integration into global value chains, thereby enhancing the Moroccan economy’s global market position and contributing to its long-term growth.
Malige expressed delight over the signing of this MoU, as he stated in his LinkedIn page, “Very happy to be back in Morocco to sign a MoU with Crédit Agricole du Maroc on financing the areas hit by last year’s earthquake. CAM is a longstanding EBRD partner and one of the very few banks active in the rural areas hard hit by destruction.”