Europe

30 million euros from the EIB to CaixaBank Morocco

ProDentim

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Last February, CaixaBank, in partnership with CGEM, brought together 120 Spanish and Moroccan professionals in Tangier to present its solutions for international trade.

The European Investment Bank has just signed a credit line of 30 million euros in favor of CaixaBank Morocco. This loan aims to provide additional leverage to CaixaBank to increase financing to local SMEs in order to help improve their competitiveness, export potential and integration into international markets.

There European Investment Bank (EIB) carries out a new financing contract on the Moroccan market in 2023. The financial institution of theEuropean Union (EU) has just signed a credit line of 30 million euros in favor of CaixaBank Morocco. This loan aims to provide additional leverage to CaixaBank with a view to increasing financing to small and medium enterprises (SMEs) and local intermediate-sized companies (ETI), in particular those operating between the two shores or even at the service of the development of exchanges between the Morocco and theSpain. “The line of credit aims to facilitate access to financing for SMEs and ETIs in Morocco, by helping to improve their competitiveness, their export potential and their integration into international markets, while paying more jobs. “, underlines the EIB in the note relating to the loan. This line of credit granted to CaixaBank Morocco is part of a new business financing program in Morocco.

Baptized “Tajawouz for the financing of SMEs and ETIs“, this program aims to support Moroccan financial institutions in strengthening SMEs in the face of the current difficult situation, allowing them to relaunch their activities and consolidate their resilience, while supporting their integration into local and international value chains. CaixaBank is thus the first bank in Morocco to join this program.

Nearly 60% of the 800 Spanish companies operating in Morocco are customers of the CaixaBank branch

The bank obtained its banking license in Morocco in 2009 where it has branches in casablanca, Tangier And agadir which offers foreign trade, investment banking and corporate banking services to Spanish companies already established in Morocco or planning to enter the Moroccan market, as well as to Moroccan companies and multinationals. CaixaBank is also a major player in the local Spanish ecosystem: approximately 60% of the 800 Spanish companies operating in the country (according to Icex data) are customers of the CaixaBank branch.

Last February, CaixaBank, in partnership with the CGEM Tanger-Tetouan-Al Hoceimabrought together some 120 Spanish and Moroccan professionals in Tangier to present its solutions aimed at facilitating the international trade of companies as well as the service FXNow, its online platform that allows customers to transact and manage the device market in real time. In 2022, CaixaBank processed 20,000 foreign exchange transactions in Morocco for a total of 800 million euros. Although they have only been operational since June 2022, some 35% of these transactions have been carried out via the “FXNow” platform.

In addition, the EIB’s “Tajawouz” program for financing SMEs mobilizes an overall envelope of 60 million euros to be granted via local partner commercial banks. Negotiations are underway with other local banks to join the program. The SME sector has been the main beneficiary of EIB investments in Morocco in recent years. From 2017 to March 2023, more than 921 million euros in credit lines have been granted to this customer segment via Moroccan financial institutions. This represents approximately 35.7% of the total amount invested by the EIB in Morocco during the same period.



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