CDG-KfW: Signature of a financing agreement
CDG and Dr. Ulrich Schröder, CEO of KfW, signed a financing agreement between CDG, represented by Laftit Said, Secretary General of the CDG, FINEA, a subsidiary of CDG, represented by its CEO Mr. Ali Bensouda, and KfW represented by Monika Beck, Head of Division and Karl von Klitzing, Project Manager, allowing FINEA to receive a credit line of 200 million Euros dedicated to the financing of small and medium-sized Moroccan companies. This agreement forms part of the partnership agreement established between CDG and KfW, Germany’s leading development bank, and governed by the Memorandum of Understanding signed between the two institutions on 23 May 2013.
This is a first for CDG Group’s FINEA, and this line of refinancing in the amount of 200 million Euros is a new contribution of the Group CDG through FINEA towards the development of Moroccan SMEs. It thereby confirmed the role of CDG as a trusted third party and positioned FINEA as a local institution acting in cooperation with and complementary to the banking sector, driven by a mission of general interest and combining guarantees, refinancing and co-financing in accordance with its strategic development plan 2013-2017.
This credit line in the amount of 200 million euros granted by KfW to FINEA and matched by CDG’s guarantee is intended to provide financial resources additional to the banking sector according to a well-defined repository and highly advantageous conditions; this, with the aim of better supporting SMEs' access to financing their investment and cash flow.
About KfW:
KfW is one of the major promotional banks in the world. Founded in 1948 as an institution of German public law, KfW is owned 80 percent by the Federal Republic of Germany and 20 percent by the states of the Federation (Länder).
As part of the KfW Group, KfW Development Bank is the largest development bank in Germany. It is responsible for the implementation of the Financial Cooperation (FC) of Germany with developing countries in the name and on behalf of the German Federal Government.
With 600 employees at its headquarters and over 200 specialists in its branches, KfW cooperates with partners worldwide. Its goals include reducing poverty, securing peace, the environment and climate protection and promotion of globalization under fair conditions. KfW is a strategic advisor and knowledgeable about current issues concerning development.