Highlights

EIB releases 100 million euros to support Morocco in the facing Covid-19 : 31/08/2020

EIB releases 100 million euros to support Morocco in the facing Covid-19

    l• The first payment worth 100 million euros, out of a financing envelop of 200 million euros, has been released to support Morocco’s efforts to deal with Covid-19 pandemic.
  • This is the first time EBI allocates funding to EU Mediterranean neighboring to help the national authorities fight against the crisis.

The Minister of Economy, Finance and Administration Reform, and Emma Navarro, Vice-President of the European Investment Bank (EIB), announced, on Monday 31 August 2020, the release of 100 million euros to finance Morocco’s needs to counter Covid-19 pandemic. The 100 million euro payment is the first part of a 200 million euros financing package.

The Minister of Economy, Finance and Administration Reform stressed the importance of these funds for Morocco to meet its urgent needs in terms of medical supplies and equipment, clarifying that the financing will strengthen the health facilities and hospital capacity, allowing it to fight more effectively the pandemic. This financing package is a clear manifestation of the high-caliber partnership between the Kingdom of Morocco and the EIB, the bank of the European Union (EU).

The EIB Vice-President, for her part, welcomed this release of funds in record time, as it is very important, she said, to act swiftly in order to limit the effects of the pandemic on the population's health. The EIB continues to mobilize its expertise, resources and skills to provide concrete solutions to   Covid-19 challenges.

This €100 million is the first time EBI allocates funding to EU Mediterranean neighboring to help the national authorities fight against the crisis. More specifically, it forms part of the EIB's support for the Moroccan National Response Plan to combat COVID-19 and also chimes with Team Europe, an EU initiative program with the aim of supporting partner countries, particularly those outside Europe, in fighting the coronavirus pandemic and dealing with its ramifications.

This funding is thus interlocks with the EU's action in the health sector in Morocco, in addition to the €100 million support program for health needs in the context of the pandemic and support for the Ministry of Health's reform program.

As a key partner to Morocco for over 40 years, the EIB is very attentive to the population's needs, and is pursuing its efforts to improve their daily lives while boosting the country's economic development.

Since 2007, the EIB has granted Morocco over 5 billion euros in funding, of which 30% was granted to the private sector.

Since the outbreak of the pandemic, the EIB has stepped up its support for businesses in need of liquidity. The Bank has also supported Moroccan education sector by providing the Euro-Mediterranean University of Fez with funding. As a result, the university can ensure the continued education of its scholarship students thanks to the purchase of IT equipment, which can also be used to produce face masks.