The European Investment Bank (EIB) and Attijariwafa Bank announced the signature of a EUR 100 million credit line to boost support for Moroccan SMEs and mid-caps. The agreement was signed in Casablanca by Mohamed El Kettani, CEO of the Attijariwafa Bank group, and Flavia Palanza, head of the EIB’s lending operations in Europe’s neighbouring countries.
Granted on favourable terms on the back of the EIB’s AAA credit rating, this new line will enable Attijariwafa Bank to increase its capacity to support Morocco’s small, medium-sized and mid-cap firms by improving their access to attractive loan products tailored to their needs, especially in terms of longer maturities. There will be a particular focus on the industrial (especially manufacturing) and service sectors, as well as on the social impact of the new credit line, which is expected to safeguard around 3 500 jobs.
At the signing ceremony, Mohamed EL KETTANI, CEO of the Attijariwafa Bank group, said: “We are delighted to sign this new €100 million credit line with the EIB, for a number of reasons. Firstly, I would like to stress the similarity of our visions of supporting and fostering micro, small, medium-sized and mid-cap businesses. And this line will broaden the range of our existing commitments to SMEs and mid-caps – the beating heart of Morocco’s economy. Secondly, it is important to maintain the strong focus on social impact in the deployment of this credit line by financing industrial and service sector projects that will help to create jobs – especially for our young people. Lastly, I am convinced that this line will meet the financing needs of export-oriented offshore activities such as the automobile ecosystem.”
Flavia PALANZA, head of the EIB’s lending operations in Europe’s neighbouring countries, added: “This is a major financing operation for Morocco’s economy. Businesses are the key to growth and employment, so it is our responsibility to create the best conditions for financing and access to credit. With this new credit line with Attijariwafa Bank, we are contributing to the dynamism and competitiveness of the Moroccan economy. We are providing job prospects for young people.”
As one of the main finance providers in the region, in 2017 the EIB made available €1.9 billion worth of new loans, a quarter of which funded concrete projects in key areas of the Moroccan economy such as enterprise support and sectors including innovation, energy, industry, transport, water and sanitation, education, health and social housing.
For its part, the Attijariwafa Bank group will use this new financing instrument to consolidate its position as principal financer of the Moroccan economy, especially SMEs and mid-caps.
