Morocco: $ 47 million to help small and medium-sized businesses fight covid-19
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Denys Bédarride
Monday 31 August 2020 Last update on Monday, August 31, 2020 At 9:09 AM

Morocco will benefit from a loan of $ 47 million from the EBRD to fight against covid-19. The funding will help SMEs whose operations have been hampered by the pandemic.

The European Bank for Reconstruction and Development (EBRD) will provide funding of $ 47 million to Morocco to help fight the covid-19 pandemic.

The new loan will be used to help small and medium-sized enterprises (SMEs) in Morocco withstand the pandemic that has threatened much of the world’s economic activity. It will be granted via the local bank CaixaBank which will in turn provide financing to Moroccan SMEs experiencing difficulties to stay afloat during the duration of the crisis.

This operation comes at a time when Morocco’s macroeconomic forecasts are increasingly pessimistic for 2020. According to a study by the High Commission for Planning (HCP), the United Nations system in Morocco and the World Bank, the country is expected to experience its worst economic recession in more than two decades this year, -5.8%.

According to the latest report from the African Union (AU), Morocco has a total of 42,489 cases of coronavirus, for 658 deaths and 29,344 recoveries.

Source Ecofin Agency