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Economic recovery made easy: KfW is strengthening small and medium-sized enterprises in Morocco
Frankfurt am Main (ots) -
- Financial services more accessible thanks to EUR 200 million for loans to MSMEs based in urban and rural areas - Significant employment effects expected - Agricultural production on the rise in Morocco
On behalf of the Federal Ministry for Economic Cooperation and Development (BMZ), KfW has today issued a promotional loan for EUR 150 million to Finéa, subsidiary of the Moroocan promotional bank Caisse de Dépôt et de Gestion (CDG). Finéa will on-lend these funds to Moroccan commercial banks, which in turn will grant loans to micro, small and medium-sized enterprises.
Another promotional loan for EUR 50 million was signed with Crédit Agricole du Maroc (CAM), Morocco's agricultural development bank. CAM will provide the loans directly to companies that focus their activities on rural areas or that are active in the agriculture and food industries.
"Improved access to credit facilitates growth and employment in Morocco and improves the living conditions of thousands of people," explains Dr Norbert Kloppenburg, member of KfW Group's Executive Board.
Since the cooperative relationship began in 1961, Morocco has been one of the most important priority countries of German Development Cooperation. In 2014, KfW entered into commitments to the tune of EUR 654 million. The current Financial Cooperation portfolio amounts to around EUR 1.9 billion, while German Development Cooperation is focusing on the areas of energy, water and sustainable economic development.
Further information on KfW Development Bank is available at: www.kfw-entwicklungsbank.de.