EBRD and Eu partner with Finéa to support MSMES in the affected areas of the earthquake in Morocco

EBRD lending up to 23.5 million euros to Finéafinance is MSMES will help participate in the Moroccan tender -backed procedure facility will support the regions affected by the September 2023 earthquake

The European Bank for Reconstruction and Development (EBRD) supports small, small and medium -sized institutions (MSMES) in Morocco by lending up to 23.5 million euros (to be provided in local currency) to Finéa, a funding company specialized in helping MSMES to participate in public and private bid procedures in the country.

The loan will benefit from covering the first loss risk provided by the European Union (EU) through its European Sustainable Development Fund (ESD+).

This funding will be lended to the guarantees of small and medium -sized companies, which helps to enhance the most competitive markets and enhance access to public and private tender procedures in Morocco in areas such as municipal lighting, providing public schools and hospitals, and developing infrastructure.

This financing package is provided according to the response facility to the earthquake established by EBRD to help rebuild the Moroccan economy and support the affected areas after the devastating earthquake in September 2023. While it will focus on small companies in earthquake -affected areas, it will also help to treat gaps in the financing facing chalk for diseases in other financial parts of the country outside the country.

The attachment will accompany a comprehensive technical cooperation package aimed at developing a digital platform for new Finéa products to finance the supply chain and integrate this platform into the company's banking systems. This new statute or financial product will help meet the specific financial needs of individual waves.

Finéa was founded in 1950, an accredited financing company from Mghryib Incorporated in Morocco. It is a subsidiary of Caisse de Dépôt et de Gestion (CDG), a state -owned financial institution dedicated to serving the public interest. It aims to support the development of Moroccan msmes by facilitating access to financing and public and private tender procedures. It provides financing solutions required by MSMES at various stages of these tender procedures – mainly, cash and guarantee developments. At the end of the year 2023, the total Finéa assets reached 216 million euros.

EFSD+ was created in June 2021 and provides assistance to partner countries in the European Union with major investments through grants or financial guarantees. In this way, the European Union fills the additional financial resources from the public and private sectors to support sustainable development. EFSD+ has a total global guarantee capacity of 39.8 billion euros for the period from 2021 to 2027, of which 22.5 billion euros in the European Union expansion areas.

Morocco is a founding member of EBRD. Since 2012, the bank has invested more than 5.3 billion euros in the country through 112 projects so far. The bank's focus in Morocco is on supporting sustainable energy, direct and indirect financing for private institutions, reforming infrastructure and non -sovereign financing.

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