Wednesday, July 26

WB Provides $50 Million Loan To Facilitate Access To Finance For Morocco’s MSMEs

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Washington – The World Bank on Friday announced it has approved a $50 million loan for Morocco to facilitate access to finance for micro, small and medium enterprises (MSMEs), and encourage, thus, the development of job and income-generating activities in the Kingdom.

According to the World Bank, the project, developed with the International Finance Corporation, will support the provision of partial credit guarantees for loans to MSMEs. “Well-designed partial credit guarantee schemes can be effective in reaching underserved groups such as start-ups, small firms and women entrepreneurs,” said Teymour Abdel Aziz, World Bank Morocco MSME project team leader for the project. The WB considers that the MSMEs are the backbone of the Moroccan economy, as they represent more than 90% of the country’s enterprises and a big share of the job.

 

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