$1.5 Million Pledged By Morocco’s Credit Agricole

Credit Agricole workers have made the company proud. The employees donated the sum of $1.5 million (MAD 15.1 million) to Morocco’s Special COVID-19 Fund. The group, at a press conference, also said the act was voluntary.
King Mohammed VI had ordered the government to set aside $1 billion (MAD 10 billion) to make funds available for the fight against the COVID-19 pandemic. However, as of April 11, there were over MAD 33.7 billion in the special fund account. And this was made possible via contributions from private, public companies and well-meaning individuals.

The funds are practically to upgrade medical infrastructure when the need arises. It is to meet urgent needs in the treatment of those affected by the novel virus.

From the special funds, the government will also provide stipends for workers in the formal and informal sectors. The distribution of funds will be done through various programs.

Families that are two or fewer people will get MAD 800. Meanwhile, families that have three to four persons, or those above four people, will receive MAD 1,000 and MAD 1,200, respectively.

According to Tariq Sijilmassi, CAM Chairman, the financial agreement reached will help in the support and strengthening of the organization’s resolve to support agriculture, including agro-industrial sectors in the country.

The company, Credit Agricole, is also making giant efforts in support of the government’s COVID-19 fight in diverse ways. They have even gone as far as securing a $54 million (MAD 560 million in loan from the AFD (French Development Agency). According to the company, the loan will be used to support local farmers and those in the agro-industrial sector, who are suffering from the inactivity caused by the COVID-19 pandemic.Thus, micro, small, and medium-sized companies will be able to access loans for the sustenance of their businesses.

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