CIH Bank, in partnership with the European Investment Bank (EIB), has decided to support Moroccan companies affected by the coronavirus pandemic. With this in mind, the EIB has provided CIH Bank with financing totaling 640 million dirhams (60 million euros). This envelope will be used to strengthen support for Moroccan small and medium-sized enterprises (SMEs) and medium-sized enterprises (ETIs).
“This first financing partnership with the EIB reinforces the various measures taken by the bank to support the activity of small and medium-sized enterprises and reduce the impact of the health crisis on the economic sector”, indicated Lotfi Sekkat, CEO General of CIH Bank. The official added: “Despite the pandemic context, the economy must pick up and we will all have to work for the recovery. I think that companies that were doing well before the crisis, although they suffered, will recover thanks to the support and accompaniment measures put in place by the various economic players in our country “.
For its part, the European bank said in a statement that “this financing also falls under the external lending mandate (ELM) of the European Union (EU) for the period 2021-2027. It is part of the Bank’s response to the pandemic and of the “Team Europe” program.
