Crédit du Maroc, the local member of the France-based Crédit Agricole Group, recently gained access to loan funding of up to EUR 20 million (USD 21.6 million) from the UK-based European Bank for Reconstruction and Development (EBRD) to on-lend to small and medium-sized enterprises (SMEs) in Morocco. EBRD sourced one quarter of the total as “concessional finance” from the Green Climate Fund (GCF), which is headquartered in the Korean city of Incheon and focuses on reducing greenhouse gas emissions in emerging markets. Crédit du Maroc will on-lend the funding to SMEs looking to “invest in energy and resource efficiency measures” or “develop their participation in regional value chains.”
Founded in 1929, Crédit du Maroc provides consumers and businesses with a variety of financial services, including banking, investing, and leasing services. During 2019, Crédit du Maroc generated net profit of MAD 512 million (USD 53 million) on total assets of MAD 59 billion (USD 6.1 billion). The Crédit Agricole Group was created in 1894 and serves 51 million customers in 47 countries.
Founded in 1991, EBRD seeks to support a “transition to open, market economies, whilst fostering sustainable and inclusive growth” in 38 countries in Central Asia, Eastern Europe and North Africa. It does this by providing business advice, supporting trade finance, and investing debt and equity in funders of microenterprises and SMEs. With a focus on “the promotion of private and entrepreneurial initiative,” the bank plans to disburse about EUR 8 billion (USD 8.6 billion) during 2020 to grow its portfolio to about EUR 48.5 billion (USD 52.4 billion). EBRD’s shareholders comprise 69 countries plus the EU.
Sources and Additional Resources
EBRD press release https://www.ebrd.com/news/2020/ebrd-and-crdit-du-maroc-boost-green-economy-and-value-chains-in-morocco.html Crédit du Maroc homepage https://www.creditdumaroc.ma Crédit du Maroc financials https://www.creditdumaroc.ma/institutionnel/publications-financieres Crédit Agricole Group homepage https://www.credit-agricole.com Green Climate Fund homepage https://www.greenclimate.fund EBRD financials https://www.ebrd.com/corporate-and-investor-information.html MICROCAPITAL BRIEF: EBRD Loans $16m to Banco Sabadell Casablanca to Increase Lending to SMEs in Moroccohttps://www.microcapital.org/microcapital-brief-ebrd-loans-16m-to-banco-sabadell-casablanca-to-increase-lending-to-smes-in-morocco/
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