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Rabat – The European Investment Bank (EIB) announced the release of €100 million as part of a €200 million package to support Morocco’s fight against the COVID-19 crisis.
The bank said the emergency fund is the “first EIB financing for the EU’s Mediterranean neighborhood,” aiming to help authorities in Morocco in their struggle against the COVID-19 pandemic.
“More specifically, it forms part of the EIB’s support for the Moroccan national plan to combat COVID-19 and also chimes with Team Europe, an EU initiative to help partner countries, particularly those outside Europe, in fighting the coronavirus pandemic and dealing with its consequences.“
The bank quoted Moroccan Economy Minister Mohamed Benchaaboun and Vice President of the EIB Emma Navarro, announcing the release of the first tranche of the financial package.
The fund seeks to finance Morocco’s “most urgent requirements as it deals with the COVID-19 pandemic.”
Benchaaboun expressed satisfaction with the financing package, stressing its importance to enable the country to “procure urgently needed medical supplies and equipment.”
The European Investment Bank believes the funding will reinforce Morocco’s health facilities and boost hospitals’ capacity to aid COVID-19 patients across the country, whose numbers have witnessed a relatively rapid increase.
The number of confirmed cases reached 61,399 on August 30, including 46,355 recoveries and 1,111 deaths.
The recent uptick in cases urged the government to set up military field hospitals across Morocco.
Earlier this month, doctors, especially in the Marrakech area, complained about a lack of resources and pressure due to the increase.
“This achievement is a tangible sign of the calibre of the partnership between Morocco and the EIB, the EU bank,” the statement emphasized.
The vice president of the bank said she was delighted that these funds “were released in record time.”
The EIB official stressed that acting rapidly is crucial to curb the pandemic’s impact on the public.
The bank recalled that Morocco has received over €5 billion funding from EIB since 2007. The institution granted approximately 30% of the total funding to the private sector.
The EIB recalled some of its initiatives to support businesses in need of liquidity.
On Thursday, the European Investment Bank signed a loan agreement with Morocco’s Al Amana Microfinance NGO to assist micro-entreprises and very small enterprises.
The bank emphasized that the loan will put special focus on supporting women entrepreneurs.
Under the agreement, approximately 11,560 entrepreneurs with limited access to financial resources will be able to benefit from the European-Moroccan project.
