EBRD inaugurates its third office in Morocco
The European Bank for Reconstruction and Development (EBRD) is boosting its outreach in Morocco through the inauguration of its third office in the city of Agadir, the bank announced on Tuesday.
The new office will cover the regions of Souss-Massa and Marrakech-Safi, two important economic regions in Morocco which contribute 16.5 percent to the country’s GDP, the EBRD statement read.
The local economy in Sous-Massa is based on a network of small and medium-sized enterprises (SMEs) as well as a strong fishing industry, while Marrakech-Safi is known for its agriculture and tourism.
EBRD’s new office will support a broad range of opportunities for development partnerships, with a focus on promoting the bank’s know-how and best practices.
“The office in Agadir is an important step to extend the EBRD’s business reach, identify local partners, boost the creation of high-quality private-sector jobs and develop a resilient economy.” the statement said.
The third EBRD office in Morocco after Tangier and Casablanca was opened by Alain Pilloux – EBRD Vice President for Banking, in the presence of Morocco’s Minister for Tourism, Traditional Industry, Air Transport, and Social Economy; Nadia Fettah Alaoui.
The inauguration ceremony was also attended by Claudia Wiedey, the Ambassador to the European Union Delegation to Morocco; Ahmed Hajji, Wali of the Souss-Massa region; Janet Heckman, EBRD Managing Director for the Southern and Eastern Mediterranean Region; and Marie-Alexandra Veilleux-Laborie, EBRD Director, Head of Morocco.
“The opening of 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 Vice President Pilloux said.
Ambassador Wiedey said: “The European Union, which finances the EBRD’s Advice for Small Businesses programme, welcomes the creation of this new Agadir office.”
“It will rely on the EBRD’s know-how and will offer day-to-day consulting services to SMEs in the regions of Souss-Massa and Marrakech-Safi, in order to boost their economic potential. The EU is pleased to be a partner for the competitiveness of the local economy, crucial in the new development model of Morocco.” Wiedey added.
The EBRD has been investing in Morocco since 2012 and has funded 58 projects in the private sector, for a total of close to €2 billion ($2.2 billion), according to the bank’s statement. In parallel with private and public-sector financing, the EBRD attaches particular importance to supporting SMEs through its Advice for Small Businesses programme. In Morocco this EU-funded initiative is providing technical and financial support with tailor-made consultancy services and expertise. To date, more than 600 support projects have been carried out.