ICO and the Moroccan state financial institution CDG to finance projects of Spanish and Moroccan businesses

ICO and the Moroccan state financial institution CDG to finance projects of Spanish and Moroccan businesses

 

ICO and the Moroccan state financial institution CDG to finance projects of Spanish and Moroccan businesses

The Chairman of Instituto de Crédito Oficial (ICO), Román Escolano, and the Managing Director of Caisse de Dépôt et de Gestion (CDG), Anass Houir Alami, have signed a partnership agreement to develop shared-interest investment projects targeting Spanish and Moroccan companies. The arrangement establishes the option of deploying finance, co-finance and guarantee mechanisms.

The agreement sets up a framework for collaboration between the two institutions to offer finance and other non-financial services to Spanish and Moroccan SMEs, underlining ICO and CDG's commitment and backing to underpin and develop the production base in Spain and Morocco and foster economic relations between the two nations.

This joint effort between the two banks will also involve continuously exchanging professional support, advice and technical assistance.

The arrangement meets one of ICO's strategic targets to drive the internationalisation of Spanish businesses by funding joint projects with companies from other countries. To this end, ICO is working in close partnership with its peers and forging joint collaborative initiatives. This has given rise to the signing of a number of pacts in recent months.

Morocco's CDG is a state-owned financial institution founded in 1959. Its main functions are to centralise and managing the country's long-term savings and ensuring these funds are invested in assets that help fuel economic development in the country. It currently plays a key role in managing pensions and strengthening the financial and banking sector. The CDG Group is the leading institutional investor in Morocco and the main player in national development.