Finance

Morocco : Bank of Africa secures US$27.2 mln credit line to fund SMEs

Tuesday, 24 January 2023 14:54
Morocco : Bank of Africa secures US$27.2 mln credit line to fund SMEs

(Ecofin Agency) - Three years earlier, the bank had already secured a €25 mln loan from the same institution to support its small business lending activity.

Last Friday, investment fund Sanad, which focuses on financing micro, small and medium-sized enterprises (MSMEs) in North Africa and some sub-Saharan African countries, granted a €25 million (US$27.2 million) credit line to Moroccan financial group Bank of Africa (BOA).

The loan is complemented by a technical assistance facility that will provide eligible companies (local SMEs mainly) with the tools to improve their potential.

"Bank of Africa has a strong track record of reaching our target group of entrepreneurs. Small and medium-sized businesses need access to stable financial resources to grow, support employment and stimulate the local economy," said Daniela Beckmann, Chairman of the Board of Sanad Fund.

Through this financing, Sanad strengthens its partnership with the Moroccan financial group. In 2020, it provided a €25 million loan to support the BOA's activities in sub-Saharan Africa. The fund, advised by German asset manager Finance in Motion, also supported BOA in the implementation of its group-wide sustainable development strategy via its technical assistance facility.

The new financing will allow BOA to support Moroccan SMEs evolving in various economic sectors by assisting in structuring, advising, and even financing.

In its 2021 annual report, Bank of Africa, which operates in 18 countries in Africa, said it slowed its lending activity but upped investment activities (mostly in sovereign securities). According to the institution, "the group has voluntarily contained the acceleration of credits" in 2021, due to the continuing Covid-19 pandemic. The decision situation has slowed the development of its SME client base. Over the 2022-2024 period, the group plans to focus on developing that clientele again.

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