The FINANCIAL — EBRD President Sir Suma Chakrabarti will travel to Morocco for a one day visit on 4 December, his first trip to the country since he assumed the Presidency of the Bank in July 2012.
The President will hold high level meetings with senior Moroccan officials including the Prime Minister Abdelilah Benkirane; Speaker of the House of Representatives, Karim Ghellab and also with the Deputy Minister of Finance, Driss Elazami Elidrissi.
Meetings with representatives from the banking sector and the Confederation des Entreprises Marocaines (CGEM) are also scheduled for the President’s visit.
The EBRD is fully committed to supporting the development of the Moroccan economy and the reform process. As the European Bank for Reconstruction and Development reported, the Bank will apply its 20 years’ experience particularly in strengthening the financial sector, modernising the agribusiness value chain as well as supporting municipal infrastructure and contributing to the implementation of a sustainable energy strategy.
In line with the government’s priorities, the Bank will also help in developing the private sector and fostering growth of small and medium-sized enterprises across a range of sectors as a way of helping to tackle the high level of unemployment.
In its first investment in Morocco, in October 2012, the EBRD committed €20 million in the Maghreb Private Equity Fund (MPEF III). It has also been active in Morocco with technical assistance projects.
A loan is expected to be signed shortly with Societe Generale Marocaine Bank (SGMB). The €20 million finance will be used for on-lending to micro, small and medium-sized enterprises in Morocco.
The EBRD expects to be investing up to €2.5 billion by 2015 across the southern and eastern Mediterranean region which comprises Egypt, Jordan, Morocco and Tunisia.
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