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EIB: Over €381 Mln Injected into Moroccan Economy in 2022

The European Investment Bank (EIB) has injected more than 381 million euros (M€) into the Moroccan economy in 2022, said, Wednesday in Rabat, vice-president of the Bank in Morocco, Ricardo Mourinho Félix.

Speaking at a press conference on EIB activity in Morocco, Felix said that 50% of this amount was dedicated to structuring projects in the fields of environment, renewable energy and energy efficiency, noting that this doubling of the volume of disbursements in 2022 compared to 2021 reflects the EIB’s commitment to sustainable development and energy transition.

In this regard, he stressed that this helps to strengthen the energy independence of Morocco, reduce greenhouse gas emissions and support the development of a greener and more sustainable economy.

In addition, Felix highlighted the significant mobilization of the Bank over the past five years, with a total of 2.5 billion euros to accompany the development of the Kingdom and support the economic and financial fabric.

In this context, he said that this volume makes Morocco the second largest beneficiary country of the Bank’s support in the southern Mediterranean region, adding that since 2017, the EIB has thus dedicated about 40% of its financing to small and medium-sized enterprises (SMEs) and industry, 20% to renewable energy, 19% to sustainable transport and 16% to health and education.

Referring to the Bank’s activities in Morocco in 2022, he said the EIB has financed the National Railway Office (ONCF) with a loan of 200 million euros, noting that this is the first project signed under the Green Partnership with the Kingdom of Morocco.

This major financial commitment aims to support the transition to low-carbon sustainable mobility, while promoting a better territorial balance in terms of access to rail services.

The Bank has also launched, in October 2022, the Trade and Competitiveness Programme, developed by the EIB with the financial support of the European Union (EU), through a guarantee of 8 million euros to the Banque Centrale Populaire (BCP).

This guarantee will allow the financing of an investment volume of about 50 million euros for Moroccan exporting SMEs by allowing BCP to take more risks.

The EIB will provide all its technical and financial expertise in decarbonization, productivity and digitalization with a view to strengthening value chains with the EU, he stressed.

In addition, Felix highlighted the program to build 150 community schools in rural areas, which received an investment grant of 14 million euros from the EU under the Neighborhood Investment Platform, implemented by the EIB, to accompany the project.

Regarding the prospects for the year 2023, he expressed the EIB’s readiness to continue financing investment projects that improve the living conditions of Moroccans, create jobs and reduce the environmental impact and energy cost for the country.

On the other hand, the EIB vice-president in Morocco noted that the implementation of projects in the kingdom in all sectors of activity of the Bank has been accelerated, stressing the importance of working closely with partners on the ground to make available financial and human resources and thus support the development of the country even more strongly.

Referring to “EIB Global”, Felix explained that this is the new branch of the EIB dedicated to development. “We will further strengthen our local, regional and international partnerships to support projects with a strong economic and social impact for the benefit of all Moroccans,” he said.

The EIB has been a privileged partner of Morocco for over 40 years. It finances the development and implementation of key projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and renewable energy.

 

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