Oct 05 2005 |
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BMCE of Morocco Gets EIB's First FEMIP Bank Loan Without Sovereign Guarantee
The European Investment Bank (EIB) announced a EUR 30 million loan to Banque Marocaine de Commerce Extérieur (BMCE) , unsecured by a sovereign guarantee, to assist the medium-term of financing to small and medium-sized enterprises (SMEs). The loan was announced within the framework of the bank's Facility for Euro-Mediterranean Investment and Partnership (FEMIP).And EIB official says "this loan is designed to support the Moroccan authorities' efforts over the last few years to inject dynamism into the economy. Joining forces with the BMCE, which has an intimate knowledge of the local market, FEMIP is committed to bolstering the financing of Moroccan SMEs, particularly in the tourism sector. The loan represents a first for the EIB in that it is being granted to a local bank (BMCE) on the basis of the quality of its signature without the requirement of a sovereign guarantee. Assisting the development of the Moroccan private sector forms part of FEMIP'S main objectives in the Mediterranean partner countries."
At the request of the European Council in December 2003 the Ministers decided to "allocate up to EUR 200 million from the Bank's reserves to facilitate increased risk-sharing operations totalling up to EUR 1 billion."
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