|Approval Date||06 May 1993|
|Signature Date||13 May 1993|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The present intervention relates to the sixth line of credit at the National Bank for Economic Development (BNDE). The project consists of the granting to BNDE a credit line (LOC) of UA 70 million. This LOC covers a portion of BNDE's long-term resource requirements for the financing of direct and indirect needed for projects of creation, extension and renovation of SMEs / SMIs in Morocco. To be eligible for this line of credit, any project must necessarily meet a certain number of eligibility criteria defined in the African Development Bank's LOC policy. For the retrocession of the proceeds of the loan, BNDE had to apply the prevailing interest rate. This project, by creating permanent jobs, should help to reduce unemployment. In addition, it plays the role of strengthening social cohesion and the fight against poverty.
The sixth line of credit (LOC) has the sectoral objective of contributing to achieving the rebalancing of the balance of payments that the Moroccan Government implemented as part of its structural adjustment policy combined with the rescheduling of its external debt. The specific objective of this LOC is to promote through the BNDE, the creation, extension, or renovation of SMEs / SMIs whose main characteristic is to report or save foreign currency in Morocco.
The direct beneficiary of the LOC is the National Bank for Economic Development (BNDE). Subsequently, it should be retroceded to SMEs / SMIs in the form of loans.
African Development Bank
|Last Update||14 Jun 2021|