EIB lends Morocco’s Credit Agricole €200 mln

The European Investment Bank offered a €200 million loan to Morocco’s Credit Agricole to support funding for agricultural f projects.

The loan aims to promote bio-agriculture and support the agriculture ministry’s “Green Generation 2020,” the two banks said in a statement.

The new financing will benefit agriculture supply chains including production, storage, logistics, packaging, transformation and marketing.

The funding is also part of the EU assistance to Morocco in the wake of the coronavirus crisis and stresses on value creation and support for revenue generating activities with employment potential.

Moroccan agriculture is facing huge challenges due to water scarcity this year, which pushed the country to halt irrigation as dam filling rate drops to critical levels.