- Germany has agreed to support Moroccan small businesses by extending a loan of €150 million through KfW Development Bank.
- The objective of the financial assistance is to support Morocco’s ambitious reforms for financial inclusion.
Germany has agreed to support Moroccan small business by extending a loan of €150 million through KfW Development Bank. The total commitment by Germany is €165 million including €15 million grant . Director of KfW’s Country Office in Rabat Markus Faschina disclosed that the objective of the financial assistance is to support Morocco’s ambitious reforms for financial inclusion. Morocco’s small businesses were severely impacted by COVID-19. He added that the new approach of reform-oriented financing gives a fresh dimension to bilateral cooperation
Two financing contracts for the loan and grant were signed by Faschina and Morocco’s Minister of Economy and Finance Nadia Fettah Alaoui in the presence of Germany’s Ambassador to Rabat Robert Dolger in Rabat. The agreement is in line with the recent official discussions between Germany and Morocco, held on October 18-19 in Berlin.
The official talks reviewed and assessed the development of Morocco’s green hydrogen potential, the progress of development projects set by Rabat in line with the New Development Model, including the social coverage and pension schemes as well as the integration of youth and women in the labor market.
Also read;
https://trendsnafrica.com/dit-launches-uk-export-finance-programme-in-morocco/
https://trendsnafrica.com/morocco-signs-mou-with-eu-for-cooperation-in-tapping-renewable-energy/
In an earlier development, KfW had agreed to issue a €122 million (MAD 1.3 billion) loan to support Moroccan efforts to expand social coverage. Another loan of €38 million was also committed for the construction of the country’s first green hydrogen plant.
