Star Africa
The European Union and the European Bank for Reconstruction and Development (EBRD) have stepped up support for small businesses in Morocco.
This was contained in a statement issued by the EBRD headquarters in the UK capital London on Tuesday, announcing the launching of the Bank’s advisory activities with small and medium-sized enterprises (SMEs) in Morocco.
With funding from the European Union, the EBRD Southern and Eastern Mediterranean (SEMED) Multi-Donor Account and the SEMED cooperation funds account, the EBRD has helped 110 enterprises in Morocco to access business advice since the end of 2012.
Accounting for more than 90 percent of the private sector, SMEs are a fundamental part of the Moroccan economy and strengthening these firms is therefore a priority for the EU and the EBRD, the statement said.
EBRD officials noted that: Smaller businesses continue to suffer from poor access to finance, limited managerial skills and low productivity, greatly hampering their potential for job creation.
Laurent Chabrier, EBRD Director for Morocco, said: Developing the private sector through support for SMEs is one of the EBRD’s priorities in Morocco.
SMEs are the backbone of a dynamic market economy, and improving access to external know-how is important for their development and growth.
The EU Ambassador in Morocco, Rupert Joy, said: Creating employment and supporting competitiveness are key pillars of the EU-Morocco cooperation agenda. Competitive SMEs will allow Morocco to take full advantage of the opportunities of the Accord de Libre-Echange Complet et Approfondi ALECA UE-Maroc currently under negotiation.
The EBRD provides business advice and industry expertise in Morocco thanks to funding primarily from the European Union through the Neighbourhood Investment Facility, with additional funding from the EBRD SEMED Multi-Donor Account and SEMED cooperation funds account.
The EBRD, owned by 64 countries and two intergovernmental institutions, is supporting the development of market economies and democracies.
