Morocco steps up cooperation with European bank
The Moroccan Prime Minister Saad Eddine El Othmani and vice-president of the European Bank for Reconstruction and Development (EBRD) Alain Pilloux discussed expansion of bilateral cooperation on Wednesday.
The two sides vowed their satisfaction with the current level of cooperation, exploring prospects for cooperation and partnership between Morocco and the Bank, the PM office said in a statement.
They examined ways to join forces to develop local currency lending to small businesses and provide affordable loans to Moroccan banks and microfinance organisations.
During a visit to Morocco EBRD Vice President Pilloux, signed a Memorandum of Understanding today with Morocco's Ministry of Economy and Finance and the Central Bank (Bank Al Maghrib) of Morocco which will pave the way for lending to local small and medium-sized enterprises (SMEs) in local currency, mitigating their exposure to exchange rate volatility.
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.