Morocco-EBRD cooperation: Mobilization of € 300 million for the benefit of ONDA, ADM, and ONEE : 01/09/2020

Morocco-EBRD cooperation: Mobilization of € 300 million for the benefit of ONDA, ADM, and ONEE

Mr. Mohamed BENCHAABOUN, Minister of the Economy, Finance and the Reform of the Administration, proceeded, on Tuesday September 01, 2020, to the signing of three guarantee agreements relating to loans, granted by the European Bank for Reconstruction and Development (BERD), for the benefit of the National Airports Office (ONDA), the Société Nationale des Autoroutes du Maroc (ADM) and the National Office for Electricity and Potable Water (ONEE) for a total amount of € 300 million.

This cooperation action with the EBRD is part of the efforts undertaken by the Ministry of the Economy, Finance and Administrative Reform to support Public Enterprises and Establishments (EEP) to cope with the effects of the crisis induced by COVID-19. In this context, the DTFE supported these three companies in the mobilization and negotiation of the aforementioned financing.

The EBRD's support also includes technical assistance within the framework of the program to modernize and consolidate governance of PECs. During a videoconference, Mr. Mohamed BENCHAABOUN and Mr. Alain PILLOUX, Vice-President of the EBRD, praised the quality of cooperation relations between Morocco and the EBRD. The Minister called on the EBRD to broaden its support for other PEA affected by the pandemic and to strengthen the Bank's action in favor of the private sector to support the recovery.

The EBRD Vice-President said on the occasion : "We are delighted to provide liquidity to public enterprises to support Morocco during this unprecedented crisis. The reform program that the Moroccan government intends to pursue, with the support in particular from the EBRD, should contribute in the future to strengthening the resilience of public enterprises and guaranteeing the continuity of quality services to the Moroccan population. "