EBRD and CaixaBank boost SME financing in Morocco

The European Bank for Reconstruction and Development has agreed a MAD430 million (about €40 million) loan to CaixaBank’s Morocco branch to help small businesses in the country withstand the coronavirus pandemic.

The financing will help CaixaBank to increase much-needed funding for local small and medium-sized enterprises to address companies’ needs. In addition, the EBRD will also support CaixaBank's expansion strategy to SMEs located outside the Casablanca-Rabat axis, which represents 70% of the Moroccan economy, as they will be further served by CaixaBank’s branches in Tangier and Agadir.