Attijariwafa Bank receives line of credit to support African SMEs
Moroccan banking group Attijariwafa Bank signed an agreement on August 4th with two American financial institutions to improve access to credit for small and medium-sized enterprises (SMEs) in Africa.Moroccan banking group Attijariwafa Bank signed an agreement on August 4th with two American financial institutions to improve access to credit for small and medium-sized enterprises (SMEs) in Africa.
Memorandum of Understanding
with the Overseas Private Investment Corporation (OPIC) and Wells Fargo relates to the granting of a line of credit to Attijariwafa Bank with a view to supporting SMEs in African countries where the bank operates. The amount of the line of credit has however not yet been disclosed.
The agreement was signed in Washington on the sidelines of a US-Africa leaders summit held in the federal capital
from August 4th-6th.
"With its African network covering 23 countries in West Africa and Central Africa, the bank decided with OPIC and Wells Fargo to help facilitate the entry of American promoters on the continent by setting up financing solutions dedicated to SMEs," said
Bank in a statement.
Elizabeth Littlefield noted during the summit that SME lending was a critical component to job creation and economic stability in the developing world, but it only worked when banks were committed to working with some of the smaller businesses that faced challenges obtaining financing.