The European Investment Bank (EIB) and the microcredit association Al Amana Microfinance have signed a financing contract for an amount of 3 million euros ($3.5 Million) to support 11,560 small and micro enterprises in Morocco.
The European Investment Bank and the microcredit association Al Aman Microfinance, announced on Thursday, August 27, the signing of a financing contract for an amount of 3 million euros to support 11,560 Moroccan small and micro enterprises .
This agreement aims to facilitate access to finance for entrepreneurs, with particular attention paid to women and income-generating activities in rural areas. The beneficiaries of this funding are sole proprietors, micro-entrepreneurs and self-employed workers.
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Loans must be less than 150,000 dirhams (approximately 13,000 euros), ie the maximum amount authorized by Moroccan regulations. This operation is part of the National Financial Inclusion Strategy, through the Morocco-EU Competitiveness Support Program (PACC).
The latter aims to support inclusive growth and job creation in the private sector, where the majority of entrepreneurs are excluded from traditional financing systems. Through this mobilization, the various stakeholders want to develop innovative initiatives that contribute to the creation of value, jobs and wealth in Morocco.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer