Moroccan small and medium-sized enterprises will now have access to stable financial resources to develop, support employment and stimulate the local economy.
Representatives of the Sanad Fund and Bank of Africa have signed a strategic partnership agreement aimed at improving access to finance for small and medium-sized enterprises (SMEs) in Morocco.
The Fund granted the Bank a line of financing of 25 million euros, dedicated to SMEs, a key segment contributing to the emergence of the Moroccan economy and the creation of jobs at the national level.
This loan will be reinforced by technical assistance provided by Sanad, to support the Bank in the deployment of its strategy in favor of SMEs.
Bank of Africa, the third bank in Morocco, has a privileged position on the Moroccan market, through an expanded customer portfolio, and a strong orientation towards SMEs, thus making the Banking Group a key partner for Sanad.
This loan, as well as the additional support in terms of technical assistance, mark a new stage in the partnership between the two institutions in favor of SMEs and financial inclusion.
Through this financing, Sanad is extending its partnership with the Bank to the Moroccan market, a market considered to be of prime importance for the Fund. The presence of the Fund in Morocco with more than 90 million dollars invested to date, is thus strengthened with this loan. In this perspective, Sanad supports the Bank, particularly in terms of major strategic development.
This funding also solidifies Sanad’s global impact mission of fostering economic development and promoting the growth of Moroccan businesses. Daniela Beckmann, Chairman of the Board of Sanad points out:
“We are pleased to extend our partnership with Bank of Africa to continue Sanad’s mission to expand financial inclusion in North Africa and more specifically in Morocco. Small and medium-sized enterprises must have access to stable financial resources to develop, support employment and stimulate the local economy”.
And Brahim Benjelloun, Administrator, Managing Director of Bank of Africa to continue:
“The support and financing provided to SMEs is an integral part of the strategy of the Bank of Africa group, carried out under the aegis of its president Othman Benjelloun. It is therefore with great pleasure and interest that we seal this partnership with the Sanad fund, promoter of financial inclusion. Thanks to this partnership, Bank of Africa will pursue its mission of supporting SMEs, particularly Moroccan ones, in terms of proximity, listening, assistance with structuring, training and advice for the benefit of the various economic sectors in all the regions of the Kingdom”.