EIB: Morocco received €617 Mln in 2020 to support health sector, SMEs & agribusiness

The European investment bank provided Morocco last year with €617 million to support the Kingdom’s response efforts to covid-19, the private sector, SMEs and agricultural sector companies.

The European bank has doubled in 2020 its funding to Morocco compared to 2019, said the bank in a press release, noting that it took wide-ranging action under the Team Europe initiative to quickly provide urgent support to the North African Kingdom to combat the covid-19 pandemic.

The European financial institution also provided the country with immediate funding and exceptionally accelerated disbursements for previously signed loans to help small and medium-sized enterprises (SMEs) facing liquidity constraints.

In 2020, EIB financing gave priority to strengthening the health system (€200 million), supporting agricultural SMEs (€200 million), strengthening the state-owned Caisse Centrale de Garantie (CCG) to provide liquidity to the entire private sector (€150 million), and supporting the automotive sector (€54 million). The Bank also assisted micro-entrepreneurs with two microfinance sector operations (€13 million).

“The record EIB activity in Morocco in 2020 made it possible to finance key projects for the economy during an unprecedented crisis. The Bank’s responsiveness and strong mobilization enabled it to support partners and project promoters, mitigating the impact of the pandemic in the public and private sectors,” said EIB Vice-President Ricardo Mourinho Félix.

The EIB has been Morocco’s key partner for 40 years. The bank funds key projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and renewable energies.