The European Bank for Reconstruction and Development (EBRD) has loaned EUR 50 million to Crédit Agricole du Maroc (CAM) to bolster micro, small, and medium-sized enterprises (MSMEs) in Morocco, particularly in regions impacted by the September 2023 earthquake.
This funding aims to help eligible MSMEs 65% of which are affected by the earthquake. The MSMEs can utlize the loan to recover by providing essential liquidity for restarting and sustaining their operations, preserving livelihoods, and rebuilding local economies, the bank said on Thursday.
The agreement was signed in Rabat by EBRD President Odile Renaud-Basso and CAM President Mohammed Fikrat, with Minister of Agriculture Ahmed Bouari in attendance.
This loan initiative follows a February 2024 memorandum of understanding between the EBRD and CAM to enhance financial access, inclusion, and green economy initiatives in Morocco.
Renaud-Basso highlighted the EBRD’s commitment to aiding Morocco’s recovery, stating that strengthening MSMEs in earthquake-hit areas is vital for ensuring economic resilience.
Fikrat echoed this sentiment, highlighting CAM’s role in supporting rural development and tailoring responses to local needs.
Aligned with the EBRD’s country strategy, the loan supports Morocco’s “Generation Green” strategy, which prioritizes rural entrepreneurship and MSME development.
The funding aims to create high-quality private-sector jobs and foster economic resilience, reinforcing Morocco’s private and broader economic sectors.