Morocco and Germany have signed a loan agreement worth €150 million, worth AED 1.6 billion, to support a series of reforms that are important mainly for SME financing.
The agreement was signed on Wednesday in Rabat between Nadia Fattah Alaoui, Minister of Economy and Finance, and Markus Faschina, Regional Director of the German Development Bank “KFW”, in the presence of German Ambassador to Rabat Robert Dolger.
The loan was granted with a budget of 15 million euros (equivalent to 166 million dirhams) after the cooperation agreement between the two countries was renewed after bilateral negotiations in Berlin last October.
Markus Faschina wrote on his Linkedin account that these new funds will be available to support financial inclusion in the Kingdom and increase the supply of access to finance for small businesses.