The European Investment Bank (EIB) and Attijariwafa Bank announced, Monday, the signing of a € 100 million credit line to support Moroccan small and medium-sized enterprises (SMEs) and mid-cap companies.
The signing ceremony was held in Casablanca in the presence of chief executive officer of the Attijariwafa bank group, Mohamed El Kettani, and director for neighboring countries at EIB, Flavia Palanza, said the two banks in a joint statement.
This new credit line, granted on favorable terms thanks to EIB’s triple A rating, will enable Attijariwafa Bank to strengthen its capacity to intervene in favor of Moroccan companies, underlined the same source, noting that it will also facilitate access to attractive financing adapted to the needs of these companies, notably through longer maturities of loans.
Particular attention will be paid to the industrial sector, particularly manufacturing and services, and to the social impact of the new credit line, which is expected to support around 3,500 jobs.
“We are very pleased with the signing of this new € 100 million line with EIB for a number of reasons,” said El Kettani, highlighting a convergence of visions between the two institutions in terms of supporting companies.
For her part, Palanza said that this is an “important financing for the Moroccan economy. Companies are a vector of growth and employment, which is why it is our responsibility to create optimal conditions for financing and access to credit. With this new credit line with Attijariwafa Bank, we are contributing to the momentum and competitiveness of the Moroccan economy. We offer employment opportunities for young people.”