The EIB provided Morocco with immediate aid in its fight against the pandemic in 2020.
Rabat – In 2020, the European Investment Bank (EIB) mobilized €617 million (MAD 7.6 billion), within the Team Europe initiative, to assist Morocco in its battle against the COVID-19 pandemic.
During a webinar, Anna Barone, the EIB spokesperson in Morocco declared on Tuesday that the bank gave urgent and prompt assistance to Morocco in its fight against the COVID-19 crisis.
As a long-term financing institution whose shareholders are member states of the EU, the EIB, which has been a partner of Morocco for 40 years, has previously assisted in the funding of key projects in key sectors of the Moroccan economy, such as business support, sanitation growth, health and education services, and renewable energy.
The EIB Vice-President responsible for financing in Morocco, Ricardo Mourinho Felix, said that the EIB’s record volume of activity in Morocco in 2020 had enabled it to fund projects of vital importance to the country’s economy.
The Bank was able to assist and support stakeholders and project leaders and thus attenuate the effects of the pandemic in both the public and private sectors, thanks to its responsiveness and strong mobilization, he added.
In 2020, the Bank‘s funding focused on improving the health system €200 million (MAD 2.146 billion), strengthening the State’s Central Guarantee Fund (CCG), and supporting agricultural small and medium enterprises (SMEs) €200 million (MAD 2.146 billion).
Their action aims to provide liquidity to the private sector €150 million (MAD 1.610 billion) and the automotive sector €54 million (MAD 579 million). The Bank supported micro-enterprises as well €13 million (MAD 139 million).
The EU has long touted cooperation with Morocco, describing it as one of its main partners in different fields, including trade, technical, and development cooperation.
The cooperation of Morocco and the European Union tackles common challenges such as economic growth, innovation, climate change, justice, security, mobility, migration, and good governance.