Rabat – The European Investment Bank (EIB) has reaffirmed its commitment to boosting Morocco’s development plans through its financing fund, including a €500 million in financing for 2024
A statement shared with Morocco World News said the financing for 2024 shows a 56% increase compared to 2023, with EIB committed to strengthening its support for Morocco’s strategic priorities.
“This level of engagement reflects a reinforced mobilization in favor of sustainable development and the economic resilience of the country,” EIB said in its statement, noting that the bank surpassed the €10 billion investment mark to fund major projects in different Moroccan sectors, including education, water, transport, and more.
Ioannis Tsakiris, Vice President of the EIB, commended the partnership between Morocco and the bank, noting that the North African country is a strategic partner for the bank and the European Union.
“By strengthening our commitment and collaborations, notably with key players like the CDG and the Mohammed VI Investment Fund, we are encouraging investment in strategic infrastructure, supporting the energy transition, and fostering inclusive and sustainable development for the direct benefit of citizens, businesses, and Morocco’s economic fabric,” Tsakiris said.
The EIB statement detailed the number of projects it has funded in Morocco, including its €1 billion commitment allocated to contribute to Morocco’s recovery from the 2023 devastating earthquake that struck Al Haouz in September of that year.
In October 2024, the EIB signed-off on the first portion of €500 million from the overall budget to reconstruct schools, hospitals, and roads damaged by the earthquake.
The fund also aims to help in revamping essential infrastructure in health and transport, and completes a €225 million grant from the EU.
As part of its assistance plans, EIB, the EU delegation in Morocco, and the Ministry of Education launched a €6 million technical assistance program over five years to support the construction of 150 community schools in rural areas.
This is in addition to the bank’s technical assistance to Morocco’s railway operator ONCF towards developing a climate adaptation strategy to cope with extreme weather events.
Last year in December, EIB also reaffirmed its commitment during a high-level meeting with the Caisse de Depot et de Gestion (CDG), with the aim of supporting industrial zones as well as enhancing small and medium enterprises.
“Since the beginning of their collaboration, over $445 million has been committed by the EIB to support strategic projects led by the CDG and its subsidiaries,” the statement said.
As for 2025, the bank said it is committed to continuing to support Morocco’s strategic infrastructure, focusing on financing small businesses, renewable energy and sustainable transport.
Adrien de Bassompierre, Head of the EIB’s representation in Morocco, celebrated the two parties’ partnership, saying that the global budget of €10 billion invested in Morocco reflects a milestone and demonstrates the “strength of our partnership and long-term commitment.”
“These investments have a tangible impact: They improve citizens’ daily lives, enhance competitiveness of businesses and accelerate the transition to a more resilient and sustainable economy,” de Bassompierre said in a statement.
He reiterated the European bank’s commitment to continue the momentum to support the country’s development and ambitions.
