The European Bank for Reconstruction and Development (EBRD) and Moroccan banking group BMCI are joining forces to support women-led micro, small, and medium-sized enterprises (MSMEs) in Morocco, particularly in earthquake-hit regions. EBRD is extending a senior unsecured loan of up to MAD 220 million (€20 million) under its Women in Business program to support women entrepreneurs and MSMEs.
The investment will focus on digitalization and offer extended support for women-led MSMEs in regions affected by a September 2023 earthquake. Alongside direct funding, the program includes a technical cooperation package funded by the EU, aiming to enhance capacity-building and advisory services for women-led MSMEs.
An additional EU-funded grant will be provided to sub-borrowers, entities borrowing from BMCI to lend to women-led businesses, as an incentive to invest. This marks the fifth partnership between EBRD and BMCI, aiming to help BMCI enhance its business model, accelerate digital transformation, and better engage with women-led MSMEs. Additionally, EBRD announced plans to contribute to the relief effort for the Al Haouz earthquake through its Shareholder Special Fund, reimbursing initial damage to women-led MSMEs in the affected regions.
This initiative is part of EBRD’s response package of up to €250 million for 2023 to 2025, focused on rebuilding Morocco’s economy in earthquake-hit areas while promoting women’s entrepreneurship, recognizing women as among the populations most affected by the earthquake.
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