The European Bank for Reconstruction and Development (EBRD) has granted Crédit Agricole du Maroc (GCAM) Group a new trade finance limit of 20 million dollars under a loan agreement signed on Wednesday.
The uncommitted, multi-currency trade finance limit will be used to issue guarantees in favor of confirming banks and to provide cash financing for pre-export and post-import financing and for local distribution, according a to joint press release.
It is part of the EBRD’s Trade Facilitation Program (TFP). By joining the TFP, Crédit Agricole du Maroc will gain access to a community of more than 100 issuing banks and 800 confirming banks worldwide, expanding its correspondent banking network and its international business opportunities.
This line will also provide GCAM with a financing envelope in foreign currency aimed at supporting its imports and exports customers. This project is the first of its kind to be signed between the EBRD and the GCAM, who welcomed this new partnership.
The EBRD TFP was launched in 1999 with the aim of promoting international trade between the economies in the Bank’s regions, in the form of guarantees and short-term loans to selected participating banks and factoring companies.
Crédit Agricole du Maroc Group was the fourth-largest bank in Morocco in 2019. It operates as a universal bank through a network of around 400 branches.
Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested over €2.7 billion in Morocco through 69 projects.
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