Morocco: EBRD partners with the BCP bank to finance SMEs' trade
Small and medium-sized enterprises' (SMEs) international trade should witness a boost in Morocco with the signing of a partnership agreement between the European Bank for Reconstruction and Development (EBRD) and the Banque Centrale Populaire (BCP).Aiming to facilitate the financing of cross-border operations, the agreement covers the creation of a trade finance facility of around €38.2 million.
Agoumi Rachid, a BCP bank official, said that the new agreement "extends the guarantees and financing facilities for foreign trade transactions undertaken by the People's Central Bank to support business growth".
The EBRD will issue guarantees for international trade transactions supported by BCP bank, which may also extend the maturity of its own trade finance products, Ecofin news agency reports.
The agreement comes just weeks after the European Bank for Reconstruction and Development (EBRD) signed an agreement with BMCE bank to establish a €57 million funding mechanism designed to facilitate commercial activities of SMEs.