EBRD and Bank of Africa support MSMEs and trade in Morocco
Summary
It will support one of the EBRDs key partners in Morocco in this challenging global economic environment, which is aggravated by the war on Ukraine, and help mitigate its impact on MSME lending. We also hope that the recently approved TFP limit increase will help address trade finance gaps and foster economic resilience in Morocco.BOAs Director and General Manager, Brahim Benjelloun-Touimi said: The signature of this 50 million facility is one of the milestones of an ever-closer partnership that we have maintained for a decade with the EBRD. We continue with our strategy of more inclusive finance, particularly regarding those who represent the bulk of the Moroccan productive fabric, namely SMEs, and remain resolute in our quest for a positive impact on our customers, our stakeholders and more generally on the environment of our activities.The EBRD recently increased the total trade line limit granted to Bank of Africa under its Trade Facilitation Programme (TFP) from US$ 150 million to US$ 175 million. It also means that BOA and its private MSME and corporate clients can continue to import a large variety of goods into Morocco.With this increased limit, BOA can also further support Moroccos green economy, as it is a key contributor to the EBRDs Green Trade Facilitation Programme, notably by sourcing transactions for scrap metal and forestry from sustainable sources. The group is listed on the Casablanca Stock Exchange and is present in 32 countries, including sub-Saharan Africa, Europe, Asia and North America.