This agreement, signed in Casablanca, constitutes one of the main axes of which is the reinforcement of access to financing for small and medium-sized enterprises (SMEs).
The guarantee agreement is set to contribute to improving the competitiveness of Moroccan SMEs, particularly in four key export sectors, namely the automotive, textile, agro-industry, and agricultural sectors.
It will also facilitate, through BCP, access to sustainable financing for SMEs to improve their export competitiveness, through investments in modernization and decarbonization, financing of capacity expansions or working capital needs.
The selected companies will benefit from free technical expertise in order to strengthen their capacities and support their rise in skills on export-related issues.
On the occasion of the signing of the agreement, EIB Vice-President Ricardo Mourinho Félix confirmed the importance for the Bank to support Moroccan SMEs to strengthen their competitiveness with a view to developing exports through decarbonization and strengthening value chains with the EU.
“We are moving towards more low-carbon economic models and it is our role, as the EU Bank and Climate Bank, to accompany our partners in the field,” he said.
“In Morocco, SMEs play a key role. With this new program, we are committed to facilitating their access to advantageous financing and quality support to strengthen their skills development.”
This agreement will provide concrete support for the competitiveness and innovation of Moroccan SMEs in order to better seize the opportunities of regional value chains to create sustainable jobs in the main export sectors of the Kingdom of Morocco, he added.
For her part, EU Ambassador to Morocco Patricia Pilar Llombart Cussac noted that the program launched today is part of the Morocco-EU partnership continuity, which covers several facets, including support for sustainable development, competitiveness and green transition of SMEs.
She continued that SMEs are a pillar of the economy, and it is in recognition of their importance and potential that the EU devotes a significant part of its partnership with Morocco to support the development of the private sector and its competitiveness.
In addition, Llombart Cussac expressed her confidence that this program will contribute to Morocco’s efforts towards green transition and value chain resilience.
For his part, BCP Group President Mohamed Karim Mounir was delighted in a speech read on his behalf by the executive director of international business development at BCP, Hanane El Boury, to be the first banking sector player in Morocco and a long-standing partner of the EIB to subscribe to the “Trade & Competitiveness” program.
Based on this program, BCP will propose an integrated global offer for the SME market, especially for exporting sectors in order to support them in the short, medium and long term with tailored solutions and at advantageous conditions, said Mounir.
This is the first agreement concluded under the Trade and Competitiveness Programme, developed by the EIB with the financial support of the EU, which will help improve the competitiveness of companies and their trade prospects with the Union, allowing local intermediary banks to take more risks and reach targeted segments of the economy.
In addition, this program responds directly to the objectives of the Industrial Recovery Plan 2021-2023 aimed at making Morocco the most competitive decarbonized and innovative industrial base to Europe.
It will also provide the necessary expertise in decarbonization, productivity and digitization, while ensuring the inclusion of women and youth, so as to support the value chains between Morocco and the EU.
Source: Agency Morocaine De Presse