Morocco: KfW grants €200m for SMEs and agriculture
KfW has granted lines of credit to Finea and Crédit Agricole du Maroc.KfW, the German development bank, has granted lines of credit totalling €200 million to two Moroccan financial institutions to improve access to credit for small and medium-sized enterprises (SMEs).
Finea, a subsidiary of the Caisse de Depot et de Gestion (CDG) du Maroc, will receive a €150 million loan.
It will allocate these funds to Moroccan commercial banks, which in turn will provide loans to micro, small and medium-sized Moroccan companies.
"The establishment of this new financing facility will provide additional financial resources to the banking system with very favourable
terms in order to better support SMEs in financing their investments and working capital needs. Moreover, it will strengthen the capacity of Finea Imédia," said Finea in a statement.
Meanwhile, Crédit Agricole du Maroc will receive a €50 million loan, so that it can "provide loans directly to companies that focus their activities in rural areas or who are active in the agricultural and food industries," KfW said in a statement seen by Jeune Afrique.