News Column

EBRD to Strengthen Trade in Morocco

February 24, 2014



LONDON, Feb. 24 -- The European Union'sEuropean Bank for Reconstruction and Development issued the following news release:

The EBRD is stepping up its support to Moroccan exporters and importers with a US$ 40 million trade finance line to Credit du Maroc under the Trade Facilitation Programme (TFP) to facilitate the financing of foreign trade.

Under the TFP the EBRD will provide guarantees to international confirming banks in support of international trade transactions with longer maturities undertaken by the clients of Credit du Maroc. The bank will also benefit from short-term loans for on-lending to local exporters, importers and distributors.

The EBRD will boost intra-regional trade and will contribute to the development of trade links between Morocco and the other countries where the Bank invests.

Laurent Chabrier, the EBRD's Director for Morocco, said: "We are happy to engage once again with the Moroccan banking sector. Partnering with Credit du Maroc will further support international trade and assist economic growth."

Adnane El Gueddari, Deputy CEO in charge of Corporate and Investment Banking said: 'This partnership demonstrates the shared desire of the EBRD and Credit du Maroc to support the development of Morocco's economy. It will primarily help create value for our companies, in line with our vision of a bank which sees itself as useful to its clients.'

Technical cooperation will be provided to Credit du Maroc, aiming at transferring trade finance knowledge and skills, as well as best practices for prudent banking in trade finance.

Launched in 1999, the TFP aims to promote foreign trade to, from and among the EBRD's countries of operations. Through the programme, the EBRD provides guarantees to international confirming banks and short-term loans to selected banks and factoring companies for on-lending to local exporters, importers and distributors.

The TFP currently includes over 100 partner banks in 22 countries where the Bank invests, with limits exceeding Euros1.5 billion in total, and more than 800 confirming banks worldwide.

Credit du Maroc was founded in 1966 and is one of the most active banks in Morocco by trade finance volume.

Since the beginning of its operations in Morocco in 2012, the EBRD has invested more than Euros264 million in 13 projects.

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Source: Targeted News Service


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