Albaraka becomes a partner of the European Bank for Reconstruction and Development (EBRD) in Morocco for its refinancing activities in microfinance
Albaraka and the European Bank for Reconstruction and Development (EBRD) sign a financing contract amounting to 5 million euros.
This contract aims to meet the growing financing needs of Albaraka as part of its development plan, which will enable it to pursue its mission of economic and social integration and financial inclusion of micro-entrepreneurs and very small enterprises excluded from the traditional financial system.
It also seeks to build the refinancing capacity of Albaraka and develop its network of branches in Morocco.
Albaraka has therefore become EBRD’s first partner in Morocco for its refinancing activities in microfinance.
This partnership confirms the excellent operational and financial performances of Albaraka, which was able to set up a sound risk-management framework as well as the necessary effective tools, which led to a good control of the portfolio quality and growing profitability.
The Institution has also strengthened its governance policies and its internal control system.
These performances confirm the financial soundness of Albaraka which aims to achieve secure and controlled growth of the financing activity of micro-entrepreneurs and very small enterprises, as testified by the “A” financial rating it was granted in 2015 by Microfinanza Rating, an international rating agency specializing in microfinance.
Thanks to these excellent results, EBRD has found in Albaraka the right partner for launching its activities of refinancing MFIs in Morocco.