EIB, CIH BANK partner to strengthen support for SMEs and mid-caps in Morocco
The European Investment Bank (EIB), and CIH BANK signed a financing partnership of €60 million to strengthen support for SMEs and mid-caps in Morocco. The assistance is part of CIH BANK’s support measures for Moroccan companies to stimulate the economic recovery.
More broadly, the financing is part of the European Union’s external lending mandate and falls under the Bank’s COVID-19 response and the Team Europe programme. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness and creating jobs.
Luca Lazzaroli, Director General, EIB: “I am very pleased to announce this first financing contract with CIH BANK, a long-standing player in the Kingdom of Morocco’s banking sector. Faced with the consequences of this unprecedented health crisis, it is our responsibility to strengthen support for companies by providing financing and assistance tailored to their needs. The private sector has a key role to play in Morocco’s recovery and economic dynamism. We are proud to be able to support the country through our expertise and investment. Thanks to this agreement, we will also be boosting employment, particularly for young people.”
The financing agreement will benefit from the EIB’s expertise in promoting green financing and optimising the provision of financial services to SMEs and, in particular, the smallest companies.
Lotfi Sekkat, Chairman and CEO, CIH BANK: “With our first financing partnership with the EIB, CIH BANK is strengthening all the measures it has taken to support small and medium businesses and cushion the impact of the health crisis on the economy. Even though we are in the midst of a pandemic, the economy must get back on its feet and we all need to contribute to its recovery. I think that although they have suffered, the companies that were faring well before the crisis will bounce back thanks to the support and help provided by our country’s economic operators.”