EBRD backs Moroccan e-payments solutions firm, S2M
The EBRD is continuing its drive to increase the efficiency of Morocco’s small and medium sized enterprises by raising the competitiveness of Societe Maghrebine de Monetique S.A (S2M), a Moroccan firm that develops e-payments systems and is listed on the Morocco stock exchange.
Under the Bank’s Blue Ribbon programme, a €2 million loan will further support the growth and development of S2M. The Programme provides finance and business advice specifically for firms that stand out for their market leadership and high-growth potential. It currently includes 47 companies in 26 countries where the Bank invests.
The EBRD’s engagement will also help raise the company’s competitiveness, including via the development of a marketing strategy, and aims to provide employment opportunities for young people with on-the-job-training programmes with funding from Italy through the Small Business Impact Fund (Italy, Japan, South Korea, Luxembourg, Sweden, Switzerland, Taipei China and the USA).
In countries like Morocco, where youth unemployment is high, the Bank puts a particular emphasis on helping to create jobs for young people and providing training opportunities so they can move more easily into the labour market.
Small and medium businesses in Morocco are a strong priority for EBRD. The Bank is providing finance and advice to help deliver modern, transparent, productive and competitive companies that create jobs and strengthen the broader economy.
Since the start of its engagement in Morocco in 2012, the EBRD has invested around €1.8 billion, in some 50 projects that also include financing for sustainable energy and infrastructure in addition to its support for private sector firms.