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    European reconstruction bank opens new office in Morocco

    01 Oct 2017

    The European Bank for Reconstruction and Development (EBRD) has opened a second office in Morocco, local media reported on Friday.

    The new office is set up in the northern city of Tangier, while EBRD's first officer is located in Casablanca, Morocco's financial capital, the Media24.com news site reported.

    The office aims to support the local economy in the Mediterranean region of Tangier as well as the eastern region of L' Orientale, the report said.

    During his visit to Morocco, EBRD Vice President Alain Pilloux signed a Memorandum of Understanding with Morocco's Ministry of Economy and Finance, as well as the Central Bank (Bank Al Maghrib) of Morocco.

    The deal paved the way for lending to local small and medium-sized enterprises (SMEs) in local currency, which will mitigate their exposure to exchange rate volatility.

    Pilloux said the opening of the new office in Tangier confirms the bank's determination to strengthen its activities in Morocco and specifically in the north of the country.

    He added that the bank's top priority will be to promote regional inclusion and job creation.

    The economy of the northern region of Morocco is based on a network of SMEs and manufacturing firms in the textile and leather, agribusiness and automotive industries.

    Morocco is a founding member of the EBRD, which has invested about 1.41 billion U.S. dollars in 30 projects across the country since 2012.

    xinhuanet

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