EBRD agrees €145m COVID-19 facility to Bank of Africa - BMCE Group
The European Bank for Reconstruction and Development has agreed a €145 million financing facility to Bank of Africa - BMCE Group in response to the impact of the coronavirus pandemic on the economy of Morocco.
The EBRD will provide a €100 million loan for on-lending to corporations and small and medium-sized enterprises that are experiencing a decrease in activity, turnover and profitability, to help them address their liquidity needs.
In addition, the EBRD is increasing an existing uncommitted multi-currency trade finance limit by $50 million (€45 million equivalent) to facilitate export and import transactions.
This is the first investment to be delivered under the EBRD’s coronavirus Resilience Framework that was set up to meet the immediate short-term liquidity and working capital needs of existing clients.
