EBRD grants €57m to BMCE bank for SME trade finance
The European Bank for Reconstruction and Development (EBRD) has signed an agreement with BMCE bank to establish a $75 million (€57.4 million) funding mechanism designed to facilitate commercial activities of small and medium-sized enterprises (SMEs)."This $75 million credit line meets the objective of the EBRD and BMCE bank to promote economic growth in Morocco by targeting local SMEs," said EBRD director for Morocco Laurent Chabrier, quoted by Ecofin news agency.
As part of this agreement, the EBRD will issue guarantees for international business transactions initiated by BMCE bank on behalf of SMEs.
This mechanism will allow the BMCE to extend the maturities of its own trade financing products and to benefit from a transfer of jurisdiction over the financing techniques of international trade.
SMEs account for 98 per cent of the Moroccan economic fabric and are one of the pillars of economic development.