Morocco: Arab Fund grants €46m line of credit to support SMEs
SMEs contribute about 75 per cent to GDP.The Arab Fund for Economic and Social Development (AFESD) has granted a Dh500 million line of credit (€46 million) to Crédit agricole du Maroc to support small and medium-sized enterprises (SMEs) in the country.
The Minister for the Budget, Idriss Azami Al Idrissi, told Yabiladi newspaper that this loan supports Morocco's efforts to boost SME financing and is a step towards strengthening cooperation between Morocco and the AFESD.
He stressed the important role SMEs play in the economic fabric of the kingdom. The latter contribute about 75 per cent to GDP and employ 85 per cent of the workforce in Morocco.
Active since 1974 and based in Kuwait, the AFESD is a development finance institution controlled by the member countries of the League of Arab States.
Since 2012, it has awarded nearly €742 million in loans for financing projects in Morocco.