COVID 19: EIB Supports Moroccan Private Sector with €440 million

COVID 19: EIB Supports Moroccan Private Sector with €440 million

The European Investment Bank Group (EIB) announced a financial support for the private sector in Morocco worth €440 million, notably through its credit lines with Moroccan financial institutions.

The loan is intended to assist Morocco in addressing the impact of COVID-19 on the economy.

“These credit lines dedicated to financing the private sector would be able to provide working capital and liquidity necessary for businesses to continue their activity,” the EIB said in a press release.

In addition to the immediate cash assistance, the EIB has decided to accelerate the disbursement of loans already signed to support small and medium-sized enterprises (SMEs).

The EIB said it is “ready to further strengthen its support and expertise for the health sector for the acquisition of the necessary medical equipment and the strengthening of health infrastructure.”

“The EIB is strongly mobilized on this funding and we are already in talks with the ministry and our partners to give them all the necessary support.”

The European financial institution explained that the objective “is to support the implementation of projects that can help Moroccans concretely and quickly fight on a daily basis the COVID-19 both economically and at the health level.”

The financial assistance to Morocco is part of the “Team Europe” network, an initiative of the European Commission that aims to help countries outside the EU face the COVID-19 pandemic. The EIB announced a contribution of €5.2 billion to the network.

The EIB Vice-President Emma Navarro said the bank “is more than ever mobilized to help Morocco face this pandemic.”

The EIB has financed the construction and modernization of many hospitals in Morocco and vowed to support the kingdom in the face of significant need for medical equipment.

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