Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

European bank pumps new funds into Moroccan SMEs

by | May 25, 2021

CaixaBank Branch in Morocco (CBM)Rabat : The European Bank for Reconstruction and Development (EBRD) is helping to further increase financing to small and medium-sized enterprises (SMEs) in Morocco by providing 217 million dirhams (up to 20 million euros) in local currency loans.

The loan will be provided in two equal tranches to CaixaBank Branch in Morocco (CBM) for on-lending to SMEs, EBRD said in a statement on Tuesday.

Alain Pilloux, the EBRD Vice President for Banking, said: “We are pleased to partner with CaixaBank, to provide this much-needed funding in local currency. SMEs are the backbone of the Moroccan economy and supporting them will increase employment in the country and contribute to economic growth.”

“We are extremely glad to sign this loan agreement with the EBRD and we expect a long lasting cooperation between our institutions,” said Ignacio Pino, Country Manager of CBM in Morocco.

Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the bank has invested about 1.2 billion euros in 30 projects in the country.

CaixaBank Branch in Morocco (CBM) was established in July 2009. It is an international branch of CaixaBank SA (CBS), the third-largest lender in Spain.

—IANS/MAP

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Posts

Sensex trades lower amid mixed global cues

Sensex trades lower amid mixed global cues

Mumbai: Indian equity indices opened lower on Friday following mixed cues from global markets. At 9.48 a.m., Sensex was down 430 points or 0.52 per cent at 81,771 and Nifty was down 118 points or 0.48 per cent at 25,023. The broader market trend remains positive. On...

Rapido raises USD 200 mn to expand operations, scale tech platform

Rapido raises USD 200 mn to expand operations, scale tech platform

New Delhi: Homegrown ride-sharing platform Rapido on Thursday said it has raised $200 million in its Series E funding, taking its valuation to over $1.1 billion. The funding round was led by WestBridge Capital, and also saw participation from existing investor Nexus,...

Rupee falls 3 paise to settle at 84.01 against US dollar

Rupee falls 3 paise to settle at 84.01 against US dollar

Mumbai: The rupee breached the crucial 84-mark second time within a month and settled 3 paise lower at 84.01 on Wednesday amid a sharp decline in the domestic equity markets as investors stayed away from riskier assets. However, a weak dollar against major...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *