EBRD grants Morocco’s Credit Agricole US$20m loan to finance international trade

MOROCCO – The European Bank for Reconstruction and Development (EBRD) has signed an agreement to loan Morocco’s Credit Agricole Group (GCAM) $20 million as part of its foreign trade financing line. EIB in a statement said that the uncommitted, multi-currency trade finance limit will be used to issue guarantees in favour of confirming banks. The funds according to EIB will also be used to provide cash financing for pre-export and post-import financing and to provide cash flows for local distribution. The funding comes at a time when the coronavirus pandemic…

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