Arab Fund Grants Morocco 500 Million Dirhams to Finance SMEs
(MENAFN- Morocco World News) The Arab Fund for Economic and Social Development on Monday granted Morocco a loan of 500 million dirhams to finance small and medium sized enterprises.
Inked by Director General of Credit agricole du Maroc Tariq Sijilmassi and Director General of the Arab Fund Abdlatif Y. Al-Hamad the 10-year loan with interest rate of 3 pc aims to support innovation in small and medium enterprises. During the signing ceremony the minister delegate for the Budget Idriss Azami Al Idrissi said that this loan will support Morocco's efforts to finance small and medium sized enterprises and will further strengthen cooperation between Morocco and the Arab Fund. For his part Al-Hamad highlighted the Fund's keen interest in encouraging small and medium enterprises expressing hope to further develop relations between Morocco and the Arab Fund in order to include more economic sectors. Since 2012 the Fund has granted Morocco 8 billion dirhams of loans to finance numerous projects in various domains including 1.5 billion dirhams to small and medium enterprises. The Kuwait-based Arab Fund for Economic and Social Development is an Arab regional financial institution focused on funding economic and social development by financing public and private investment projects and providing grants and expertise. With MAP
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.