LONDON - The European Bank for Reconstruction and Development (EBRD) has announced a significant new initiative aimed at bolstering young entrepreneurs in Morocco. The "Youth in Business" program, revealed today, is set to inject €100 million into the Moroccan economy through support for Micro, Small and Medium-sized Enterprises (MSMEs) helmed by the youth.
This ambitious project will span over five years and collaborate with six Partner Financial Institutions (PFIs). It is designed to foster inclusive market economies and will include a comprehensive suite of supports such as:
- Entrepreneurship training
- E-learning platforms
- One-on-one advisory projects
- Networking activities
- Specialized capacity-building assistance
The EBRD's commitment doesn't stop with the youth. Earlier today, they also confirmed an extension of MAD 220 million to Banque Marocaine pour le Commerce et l'Industrie (BMCI) for its Women in Business (WiB) program. This program specifically targets women entrepreneurs in Morocco, offering them consulting services and financial products tailored to their needs. This support comes at a crucial time as it also aims to assist those affected by the September earthquakes.
BMCI has a strong foundation to support these initiatives, with assets totaling USD 7.3 billion as of December 2021. As a majority-owned subsidiary of BNP Paribas (OTC:BNPQY), BMCI provides a range of services including business banking and asset management.
The EBRD has been active in promoting market-oriented economies across Eurasia and North Africa, with investments reaching EUR 13 billion in 2022. By the end of the same year, their total assets hit an impressive EUR 30 billion.
These programs are not just backed by the EBRD but also enjoy support from various European entities. The Youth in Business initiative is supported by the European Union and countries like Luxembourg, Sweden, Italy, and falls under the Central European Initiative umbrella. The reach of these initiatives extends beyond Morocco, impacting regions such as Egypt and the Western Balkans as well.
With these programs, the EBRD continues its mission to stimulate economic growth and development through targeted financial investment and capacity-building efforts that empower young and female entrepreneurs across emerging markets.
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