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Signing of a memorandum of understanding between the Agricultural Credit Group of Morocco and the European Bank for Reconstruction and Development

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Signing of a memorandum of understanding between the Agricultural Credit Group of Morocco and the European Bank for Reconstruction and Development

Science – Rabat

On Wednesday, February 14, 2024, the Agricultural Credit Group of Morocco (GCAM) and the European Bank for Reconstruction and Development (BERD) signed a memorandum of understanding to enhance access to financing in the areas of post-earthquake reconstruction, financial inclusion and the green economy in Morocco.

This agreement, signed by Mr. Mohamed Vikrat, Chairman of the Board of Directors of the Agricultural Credit Group of Morocco, and Mr. Francis Mallig, Director General of Financial Institutions at the European Bank for Reconstruction and Development, establishes a general framework for cooperation between the two institutions that focuses primarily on the following financing mechanisms:

• Establishing a financing line to accompany and support economic activities in the areas affected by the earthquake of September 8, 2023;

• Financial support for the transition to a green economy in Morocco, especially in the agriculture and food industry sectors, renewable energy projects and environmental protection;

• Supporting financial inclusion and digitalization for the benefit of the population and needy areas;

• Supporting exporting companies to contribute to better integration of value chains.

This agreement comes within the framework of the national strategy for financial inclusion and confirms the joint will of both parties to enhance their cooperation for the benefit of the sustainable economic development of the Kingdom of Morocco. It also enhances the fruitful cooperation between the two institutions that has existed for years.

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