AfDB: 120 million euros to support small businesses and recovery in Morocco

AfDB: 120 million euros to support small businesses and recovery in Morocco
AfDB: 120 million euros to support small businesses and recovery in Morocco

The board of directors of the African Development Bank group approved, Wednesday, November 24 in Abidjan, a loan of 120 million euros in favor of Morocco, to implement the Financial Inclusion Support Program, entrepreneurship and very small and medium-sized enterprises.

November 25, 2021 at 12:14 p.m.

Modified November 25, 2021 at 2:43 p.m.

The board of directors of the African Development Bank group approved, Wednesday, November 24 in Abidjan, a loan of 120 million euros in favor of Morocco, to implement the Financial Inclusion Support Program, entrepreneurship and very small and medium-sized enterprises.

The Bank’s support will help companies in difficulty to relaunch their activity and preserve jobs in order to successfully end the crisis, linked to the Covid-19 pandemic, the ADB said in a press release.

The program will support financial inclusion reforms in order to facilitate access to finance for households and very small and medium-sized enterprises (VSEs). It will also help to diversify the sources of financing available to them by strengthening the inclusiveness of the capital market.

“Here, we are pursuing two main priorities: diversify the financing offer for SMEs and deepen financial markets through instruments such as securitization and crowdfunding, said Stefan Nalletamby, director of the AfDB’s Financial Sector Development Department, quoted in the press release. “Our only ambition is to strengthen the financial inclusion dynamic of companies. He said.

The program will strengthen the support system for entrepreneurs, start-ups and small businesses. It will also support the entrepreneurship support ecosystem and help improve the business climate, through the simplification of administrative procedures.

Medias24 editorial staff

November 25, 2021 at 12:14 p.m.

Modified November 25, 2021 at 2:43 p.m.

 
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