EIB: More than 600 Million Euros for the Benefit of Morocco in 2020

The European Investment Bank (EIB) granted 617 million euros of financing (nearly 6.7 billion dirhams) to Morocco in 2020, almost doubling its budget compared to 2019, with accelerated disbursements.

The European Investment Bank (EIB) granted 617 million euros of financing (nearly 6.7 billion dirhams) to Morocco in 2020, almost doubling its budget compared to 2019, with accelerated disbursements.

During a webinar on the results of the EIB group in Morocco during the year 2020, Anna Barone, representative of the EIB in Morocco, said that the Bank has mobilized strongly within the framework of the Team Europe initiative in order to provide urgent and rapid support to the Kingdom in its fight against the Covid-19 pandemic.

She added that the European Bank thus provided immediate and accelerated cash aid, exceptionally the disbursement of loans already signed to support small and medium-sized enterprises, while the total disbursements of the Bank in 2020 reached a volume of 516 million euros (three times more than in 2018), which made it possible to provide decisive support to project leaders facing liquidity constraints.

The EIB’s financing in 2020 was devoted as a priority to strengthening the health system (200 million euros), supporting agricultural SMEs (200 million euros), strengthening the Central Guarantee Fund (CCG) to provide liquidity to the private sector as a whole (150 million euros), as well as to the automotive sector (54 million euros).

Likewise, the EIB provided support to micro-entrepreneurs through two operations in the microfinance sector (13 million euros). This support illustrates the Bank’s global and diversified approach, both in terms of sectors and beneficiaries, with the mobilization of a set of instruments adapted to financing needs (loans and guarantees, technical assistance, grants).

The record volume of EIB activity in Morocco in 2020 made it possible to finance projects crucial to the country’s economy in an unprecedented context of emergency, said Ricardo Mourinho Félix, Vice-President at the EIB, stressing that thanks to its responsiveness and strong mobilization, the bank was able to accompany partners and project leaders both in public and private sectors, and “respond to the priorities of the European Union while being perfectly in line with the strategic objectives of the Kingdom of Morocco and those of the national recovery plan.”

The European Investment Bank, whose shareholders are the member states of the European Union (EU), is the EU’s long-term finance institution. It provides funding for quality investments that contribute to the achievement of the EU’s major objectives.

Being a privileged partner of Morocco for 40 years, the bank finances the development and implementation of key projects in essential sectors of the Moroccan economy.

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