Coronavirus : EBRD loans Bank of Africa 145 million euros to help Morocco’s small businesses

The European Bank for Reconstruction and Development (EBRD) said that it lent Morocco’s Bank of Africa 145 million euros to support small businesses affected by the coronavirus crisis, Reuters reported.

The loan is part of the 1 billion euros plan launched by EBRD to help its clients manage the economic consequences of the pandemic. The money loaned to Bank of Africa will help with «import and export transactions», the same source added.

According to Morocco’s planning agency, the coronavirus crisis has affected several economic sectors in the Kingdom, forcing 142,000 businesses to halt their activities.

For 2020, Morocco’s economy is expected to fall by 3.7% because of the coronavirus.