06/02/2008
Spain has agreed to provide a 15m-euro loan to Zakoura Microcredit Foundation, through the Spanish Fund for granting micro-credits in Morocco, MAP reported. The loan will enable some 40,000 borrowers to realize their projects through entrepreneurship. The population's easier access to financing is believed to have had a major impact on poverty and vulnerability, Mezouar told reporters after the signing ceremony. He added that the micro-finance sector has achieved significant growth over the last five years, with total micro-credit disbursements rising from 136m to 4.5 billion dirhams, and benefiting some 1m borrowers in the country. Ayouch said that loan has been approved at a preferential interest rate of 2.45% and will enable Zakoura to distribute thousands of additional credits.