Morocco, EBRD set to consolidate cooperation

An official from the European Reconstruction and Development Bank, currently on a visit to Morocco, met on Monday with industry, trade, energy and mining minister, Mustapha Mansouri.

Talks covered promotion of trade exchanges and cooperation between Morocco and east and central European countries and the community of Independent states (former USSR states) where the EBRD operates.

The EBRD administrator for Morocco and Canada, Scott Clark, briefed the Moroccan official on fields of action of the financial institution which works to facilitate external trade and finance small and medium sized enterprises.

The EBRD and Morocco's BMCE will sign an agreement, under which BMCE will become the first Moroccan bank to join the EBRD's trade facilitation program.

The Moroccan official said Morocco is conducting significant trade with and east and central east European countries and the CIS, stressing that the EBRD trade facilitation program will help increase this trade. He also said the European banking institution ought to explain to Moroccan economic operators the EBRD's instruments of risk coverage.