Saudi Arabia donates $100m to Morocco for SME financing
This donation is part of a broader envelope of $230 million.Saudi Arabia has donated $100 million to Morocco (€88 million) to contribute to the financing of the Small and Medium-sized Enterprises (SMEs) Financing Program.
This donation is part of a broader envelope of $230 million, also intended to finance several projects in the fields of agriculture and health.
It is part of the financial contribution accorded by the countries of the Gulf Cooperation Council (GCC) to Morocco since 2012.
It comes just weeks after the Arab Fund for Economic and Social Development (AFESD) granted a Dh500 million line of credit (€46 million) to Crédit agricole du Maroc to support 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.