MICROCAPITAL BRIEF: EBRD Likely to Loan Morocco’s BCP $133m for MSMEs
Morocco, already a regional leader in Microfinance, looks likely to receive a boost from the European Bank for Reconstruction and Development (EBRD) to target medium and small enterprises, according to MicroCapital:
The European Bank for Reconstruction and Development (EBRD), a multilateral institution headquartered in London, is considering disbursing a loan of up to EUR 100 million (USD 133 million) to Banque Centrale Populaire, a member of the Moroccan mutual banking group Groupe Banque Centrale Populaire (GBCP), as well as to 10 affiliated regional popular banks”. If approved, the loan is expected to be used for on-lending to micro-, small and medium-sized enterprises (MSMEs) operating in Morocco.
As of December 31, 2013, GBCP reported consolidated assets of MAD 290.3 billion (USD 35 billion), customer deposits of MAD 210 billion (USD 25 billion) and advances to customers of MAD 199.8 billion (USD 24 billion). BCP is a member of GBCP that offers a range of retail financial services and coordinates group-level financial policy.
EBRD provides loans, debt securities, equity investments, guarantees and technical assistance to micro- and small businesses via commercial banks and non-bank microfinance institutions (MFIs) in Eastern Europe, Central Asia and North Africa. In 2013, EBRD invested EUR 8.5 billion (USD 11.4 billion) in 392 projects across 34 countries…[Full Article]