CIH Bank secures US$73.06m from European Investment Bank to support SMEs

MOROCCO The European Investment Bank (EIB) has provided Moroccan CIH Bank with a €60 million (US$73.06m) funding destined to support SMEs affected by the global health crisis generated by Covid-19 pandemic.

The EIB funding is part of the European Union’s external lending mandate and falls under the Bank’s Covid-19 response and the Team Europe program. The support is intended to help develop the private sector by focusing on SMEs, increasing competitiveness, and creating jobs.

The financing agreement provides for sharing the EIB’s expertise in promoting green financing and optimizing the provision of financial services to SMEs and, in particular, the smallest companies.

The EIB has been a key partner for Morocco for 40 years. It has financed several projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport, and even renewable energy.

CIH Bank is one of the major banks in the country. It offers digital banking products and solutions, serving individuals, professionals and businesses.

True to its image as a forward-thinking and innovative bank, CIH Bank has announced that it now offers all individuals free banking for any account opening via the CIH Mobile application.

“This concept is none other than the continuity of its strategy to make the bank more accessible, both by the use of new technologies and free services,” indicates CIH Bank in a press release.

In order to best meet the new uses of individuals, this new device allows customers to open their bank account remotely in complete security, following a fully digitized route on the CIH Mobile application.

In a dematerialization process, CIH BANK also allows future customers to deposit their specimen signature online in order to complete the opening of their account. Customers also have the option of choosing the offer that best suits their profile.

Both simple, secure and intuitive, the new online account opening service on the CIH Mobile application requires no initial payment and is not subject to any income condition.

Customer data is collected and processed in accordance with Bank Al Maghrib’s guidelines and in compliance with the provisions of the law on the protection of personal data, ensures the same source.

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