Rabat – The European Bank for Reconstruction and Development (EBRD) is set to open their third Moroccan office in the city of Agadir on Monday, December 9. The Agadir office is set to cover the regions of Sous-Massa and Marrakech-Safi, two key economic areas in Morocco.
Sous Massa’s economy relies on small and medium enterprises as well as a thriving fishing industry. The Marrakech-Safi region, meanwhile, relies on its agriculture and tourism. According to the bank, the two regions’ combined annual revenue represents 16.5% of the country’s gross domestic product (GDP).
With the opening of their new office, EBRD say they aim to “support a broad range of opportunities for development partnerships” while integrating their “know-how” and “best practices” into the regions’ economies.
The new office in Agadir will be pivotal in “boosting the creation of high-quality private-sector jobs and developing a resilient economy,” say EBRD.
In addition to opening offices in Tangier and Casablanca, EBRD Vice President, Alain Pilloux states: “Our new office in Agadir confirms our commitment to developing the economy in Morocco by strengthening our activities and promoting regional integration. These steps will play the role of a catalyst for job creation.”
EBRD also emphasizes the importance of small and medium-sized enterprises (SMEs). Beginning in 2012, EBRD has funded 58 support projects, totalling almost €2 billion. One of their most recent projects includes investment in BMCE bank bonds with the expectation BMCE will increase their loan profile to Moroccan SMEs. Another project includes provisions to the Moroccan General Society of Banks (SGMB).
EBRD funds more than 600 support projects, both private and public, through accessible technical and financial consultancy services and expertise in all economic sectors of Morocco.