The European Bank for Reconstruction and Development (EBRD) has extended a credit line of US$75mn to Banque Marocaine du Commerce Exterieur (BMCE Bank).

The facility will be used for trade finance purposes, supporting Moroccan companies in international and regional transactions with tenors of up to three years for guarantees and 12 months for cash advances.

The EBRD will guarantee the international trade transactions funded by BMCE using the facility. BMCE will also be able to utilise the EBRD’s network of trade facilitation programme members.

An EBRD spokesperson tells GTR that the finance is not sector specific, but that it is intended to reach SMEs. There is no expiry date, nor is there a specified transaction size.