EIB, CaixaBank agree on MAD 330 million credit line to support Moroccan SMEs

The European Investment Bank (EIB) and CaixaBank announced on Tuesday the signing of a financing contract of an approximate MAD 330 million to strengthen support for Moroccan micro, small and medium-sized enterprises (MSME).

This operation is part of the “Tajawouz” initiative, which aims in particular to support commercial banks in reaching a larger number of MSMEs, thus enabling them to benefit from a wider choice of financing and optimal borrowing conditions, the two banks said in a statement.

“Tajawouz” also supports the objectives of the Green Partnership signed between the EU and Morocco in October 2022, continues the same source, which recalls that CaixaBank targets MSMEs with strong links to Europe, in sectors and value chains beneficial to the economies of both sides of the Mediterranean.

It relies on its expertise and experience in Spain to bring innovations in MSME financing products to the Moroccan market.

This operation is also “fully aligned with the Moroccan government’s objectives in terms of supporting SMEs and its industrial development program, which emphasizes the importance of integrating Moroccan companies into global value chains while strengthening their technical, environmental, social, and governance standards as well as their productivity,” the two institutions insist.

For them, this financing will also help to better meet the standards and requirements of European buyers, thus increasing the competitiveness of Moroccan companies.

This loan will enable CaixaBank’s Moroccan branch to increase its financing in Moroccan dirhams for local suppliers of large Moroccan companies. In this framework, additional funds from the European Union can be used to protect small businesses from foreign exchange risks, the statement concludes.

This financing contract was concluded by the EIB World, the new branch of the EIB dedicated to development and international partnerships.