January 27, 2020 / 9:24 PM / 24 days ago

Moroccan banks to refinance SMEs at 1.25% interest rate -central bank

RABAT, Jan 27 (Reuters) - Moroccan banks will refinance small and medium sized enterprises (SMEs) at 1.25% preferential interest rate as part of a plan to ease access to loans, Morocco’s state news agency said on Monday, citing the central bank governor Abdellatif Jouahri.

The rate is 100 points lower than the central bank’s benchmark interest rate held at 2.25 since 2016.

The plan was developed together by the government, the central bank and commercial banks after King Mohammed VI decried, in a speech last October, the limited financial support for young graduates and SMEs. He urged banks to contribute to development efforts and to make loans easier.

Under the same plan, the government and commercial banks set up a fund worth 6 billion dirhams ($620 mln) covering three years to boost the financing of SMEs, young entrepreneurs and to help curb the gray economy. (Reporting by Ahmed Eljechtimi)

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