RABAT, Sept. 26 (Xinhua) -- Morocco will receive nearly 24 million U.S. dollars from the European Bank for Reconstruction and Development (EBRD) to finance small- and medium-sized enterprises (SMEs), the bank announced on Tuesday.
The loan is provided in two equal tranches to CaixaBank Succursale au Maroc (CBM), a branch of CaixaBank in Morocco, for on-lending to SMEs, the EBRD said in a statement.
Access to loans especially in local currency remains a challenge for Moroccan SMEs, which are one of the EBRD's priorities, the statement added.
In addition, the EBRD's funds also aim at improving CBM's balance-sheet maturity and enhancing its SMEs financing capacity.
SMEs are the backbone of the Moroccan economy and supporting them will increase employment in the country and contribute to its economic growth, said Alain Pilloux, the EBRD's vice president for banking.
Morocco is a founding member of the EBRD, which has invested about 1.41 billion U.S. dollars in 30 projects across the country since 2012.