Moroccan BMCE bank joins EBRD's trade facilitation program

Moroccan "BMCE" bank was accredited as a participant in European Reconstruction and Development Bank (EBRD) trade facilitation program, under a convention signed here on Thursday between the two financial institutions.

Under the convention, Moroccan exports to central and eastern Europe, central Asia and the community of newly-independent states (former USSR republics) will be guaranteed by BMCE, which becomes thus the first Moroccan bank to join the program.

EBRD will be covering trade risk and political risk.

For BMCE, this is new step to support its Moroccan private and institutional customers wishing to open new business and trade horizons.

The EBRD administrator for Morocco and Canada, Scott Clark, who is visiting Morocco, voiced the bank's resolve to promote exchange of experience between the two institutions and improve relations between the EBRD and Morocco. He cited in particular Morocco's experience in infrastructure, telecom, and tourism which deserve to be shared with countries where the EBRD is active.

Created in London in 1991, the EBRD is the largest public investor in 27 countries in east and central Asia to promote economic transition to the liberal system.