The European Investment Bank (EIB) is lending €10mn ($12mn) to Moroccan microfinance lender JAIDA in support of the revenue generating activities of microenterprises. Proceeds of EIB funds will go towards JAIDA’s capacity building, in support of microcredit lenders who on-lend to microenterprises. Eligible small and micro borrowers will each receive a €25,000 loan from microcredit agencies working with JAIDA. To qualify for loans, microenterprises must employ less than 10 workers in urban or rural areas, leaving open the possibility for independent workers, entrepreneurs and micro-entrepreneurs to make loan applications.
Established in 2007, JAIDA is Morocco’s premier microfinance lender, and it receives support from several foreign development agencies and multilateral banks. The EIB’s most recent loan boosts JAIDA’s lending capacity by €10mn to €84mn. Since its creation, JAIDA has deployed €300mn in financing to microcredit lenders in Morocco, accounting for roughly 19% of total lending to microenterprises in the country as of September 2020.
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