EIB supports Morocco’s technopoles expansion with €115 Mln funding

The European Investment Bank has provided €115 Mln loan to MEDZ, subsidiary of CDG Group, for the expansion and modernization of ten technopoles located in five regions of Morocco.

The funding supports the country’s advanced regionalization policy and its New Development Model and is in line the EU’s Mediterranean Agenda on resilience and climate transition, said EIB in a press release issued Wednesday.

The project of Morocco’s Technopoles II is expected to create up to 51,500 permanent direct jobs, contributing to the reduction of regional disparities while stimulating the country’s innovation and competitiveness.

The EIB says its funding aims to promote regional economic development and support Morocco efforts seeking to become a low-carbon and competitive industrial base.

“We are proud to strengthen our partnership with CDG Group. This funding is a significant step in our fruitful collaboration and demonstrates our shared commitment to sustainable development, economic prosperity, and the decarbonisation of industry in Morocco,” said EIB Vice-President Nicola Beer.

This ambitious project will contribute not only to boosting the Moroccan economy through innovation, but also to creating sustainable jobs and reducing regional disparities, while building a greener and more competitive industry, he added.

For his part, Director-General of CDG Mr. Kalid Safir praised partnership with the EIB, saying the two partners share the same objectives aimed at boosting sustainable & inclusive development and reducing territorial disparities.