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Wednesday 24 November 2021

Morocco: AfDB Approves €120 million Loan to Support Entrepreneurs, SMEs and Stimulate Recovery

Morocco: AfDB Approves €120 million Loan to Support Entrepreneurs, SMEs and Stimulate Recovery

The Board of Directors of the African Development Bank (AfDB) Group on Wednesday in Abidjan approved a €120 million loan to Morocco to implement the country's Financial Inclusion, Entrepreneurship, and Very Small and Medium Enterprises (SMEs) Support Program.

The Bank's support will enable companies in difficulty to recover their activity and safeguard jobs to successfully overcome the impact of the Covid-19 health, explained the AfDB in a statement.

"Recovery and inclusion. It is the pursuit of this dual priority that will boost activity, protect jobs and restore growth," said Achraf Hassan Tarsim, AfDB Country Manager for Morocco, adding "we are doing this alongside young people and women entrepreneurs and SMEs who play an essential role in the recovery dynamic with more than 70% of jobs created."

The program will promote financial inclusion reforms to facilitate access to finance for households and very small and medium-sized enterprises (SMEs), as well as contribute to diversifying the sources of financing available by reinforcing inclusiveness of the capital market, according to the statement.

MAP 24 November 2021