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    Reference: 20190918
    Release date: 6 December 2022

    Promoter – Financial Intermediary




    The operation will provide funding to small and medium-sized enterprises (SMEs) and Midcaps through credit lines to local financial intermediaries, primarily second tier banks. The loans could be provided in local currency.

    Additionality and Impact

    The proposed Facility aims to increase access to finance to formal Micro, Small and Medium-sized Enterprises (MSMEs) and Mid-Caps in Morocco, contributing to enhancing their competitiveness, export potential and integration in international markets, contributing to sustain and increase employment. The operations are expected to foster competition in the concentrated Moroccan banking sector, allowing to reach out to a larger number of MSMEs - including those currently not adequately served by larger banks, increasing the choice of available financing options and providing better terms and conditions, including local currency funding.


    The Facility's objectives are in line with the priorities of the EU-Morocco Association Agreement, the European Neighbourhood Policy and the Joint Communication on the renewed partnership with the Southern Neighbourhood. It also responds to the guidelines of the EU's EFSD+ MSME investment window and Moroccan MSME policy priorities and directly contributes to the outputs of the Regional EU Flagship 5- Connected Economies, as described above. 


    There are traditional scale and information asymmetries barriers that tend to drive up the costs of lending to MSMEs. These are aggravated by the concentrated nature of the Moroccan banking sector, which tends to focus on larger borrowers. Second tier financial intermediaries have the potential to scale and improve their financial offer to underserved MSMEs. 


    Financing of small/medium projects carried out by SMEs and Midcaps in Morocco.


    Proposed EIB finance (Approximate amount)

    EUR 60 million

    Total cost (Approximate amount)

    not applicable

    Environmental aspects

    The intermediary institution has to take all the required measures to ensure that the procedures carried out by the final beneficiaries for the sub-projects receiving loans will comply with national legislation and the ElB's Environmental and Social Standards.


    The intermediary institution has to take all the required measures to ensure that any procurement procedures carried out by the final beneficiaries for the sub-projects that the Bank finances are in accordance with EIB Guide to Procurement.


    Signed - 21/03/2023

    Under appraisal
    21 December 2022
    21 March 2023


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Morocco Credit lines