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Morocco: EBRD and EU Support Women-led Businesses With € 20 Mln Funding

The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) have partnered with Moroccan bank for Commerce & Industry (BMCI) to support women-led micro, small and medium-sized enterprises (MSMEs).

EBRD will provide up to €20 million unsecured loan to BMCI for women entrepreneurs digitalization and MSMEs located in the regions affected by the September 2023 earthquake, said the European bank in a press release.

The EU will help deliver capacity-building and advisory services to women-led MSMEs to support their know-how and entrepreneurial skills development.

An additional EU-funded grant will be provided to sub-borrowers as an incentive for investment in digitalization for women-led MSMEs. The move will enhance women’s economic inclusion in the North African Kingdom.

As part of the EBRD’s response to the Al Haouz earthquake, the Bank’s Shareholder Special Fund will fund first-loss cover specifically for women-led MSMEs in the affected regions. This is one of the first transactions under the Bank’s initial response package of up to €250 million, for 2023 to 2025, announced last month in support of Morocco’s post-earthquake reconstruction.

Source: Northafricapost