The Moroccan banking group BMCE Bank of Africa is the first institution to benefit from the Resilience Framework initiative set up in March 2020 by the European Bank for Reconstruction and Development (EBRD) to support partner institutions facing credit difficulties as a result of the current health crisis.

EBRD will grant a credit line of €100 million to the bank headed by businessman Othman Benjelloun, to assist companies that are experiencing a decline in activity and profitability. Details on the allocation of this resource as well as the eligibility criteria for companies have not yet been disclosed.

This financing will be complemented by a €45 million contribution that will enable Bank of Africa to finance import-export companies. This initiative will reinforce the Bank's actions in favor of companies and households affected by covid-19.

At the end of March 2020, Bank of Africa - BMCE Group- decided to extend the maturities of its customers' housing and consumer loans by four months, as part of measures taken by the Moroccan Central Bank to support the private sector.

Chamberline Moko