The EU provided Morocco with €440 million to mitigate impacts of the COVID-19 crisis on the country’s private sector.
Rabat – The European Investment Bank (EIB) Group has reiterated support for Morocco, emphasizing that it will spare no effort to assist the North African country to mitigate impacts of the COVID-19 crisis.
EIB Vice President Emma Navarro touted the collaborative relationship between Morocco and the financial institution.
“The partnership that binds us to Morocco is very strong, that is why this country will have our full attention for the duration of this pandemic in order to give it all the necessary support,” Navarro told Maghreb Arab Press (MAP).
The EIB, according to Navarro, is ready to support the country’s health system, particularly through purchasing medical equipment and strengthening Morocco’s health infrastructure.
The European bank is “already active in this area” in Morocco, notably by financing the construction and modernization of 16 hospitals throughout the country, she said.
Navarro recalled that the EIB’s support for Morocco in pandemic response measures comes under the European Commission’s “Team Europe” mechanism.
Team Europe coordinates the “assistance provided to the European Union’s partner countries” to mitigate the socio-economic effects of the pandemic, MAP said.
The banking official also extolled the history of partnerships between Morocco and the EIB, emphasizing that the bank’s activities are part of a 40-year-long “first and high quality” partnership between the bank, the EU, and Morocco.
The EIB official said that the bank provided financial aid to 123 projects in the country over the course of the partnership, with a total investment of €7.8 billion.
“These projects had a real impact on the daily lives of citizens and on the Kingdom’s economic dynamism,” Navarro said.
On April 8, the EU provided Morocco with a €440 million loan to address the COVID-19 crisis at the private sector level.
The EIB has been in contact with its clients to express support during this very difficult period, Navarro emphasized.
Navarro described Morocco as “extraordinary” in its beauty, history, and economic assets.