Covid-19 – EIB to support Morocco in its struggle against the pandemic

The European Investment Bank (EIB) Group will spare no effort to support Morocco in coping with the effects of the novel coronavirus pandemic, stressed Emma Navarro, vice-president of the European Union’s financial institution.

Navarro welcomed the quality of the partnership between EIB and the Kingdom and highlighted the importance of the Bank’s activities in Morocco.

“The EIB’s action in Morocco is first and foremost a high-quality partnership forged over 40 years now between the Bank of the European Union and a country that is extraordinary in terms of its history, beauty and economic assets”, she pointed out.

Recalling that the European Bank had financed no fewer than 123 projects in Morocco involving investment totalling more than EUR 7.8 billion, the EIB vice-president noted that these projects had a real impact on the daily lives of citizens and on the Kingdom’s economic dynamism.

+ To mobilize existing lines of credit estimated at 440 million euros +

Referring to the measures taken by her institution to support Morocco to cope with the effects of the pandemic of the new coronavirus, Navarro said that the bank will mobilize existing lines of credit, whose outstanding amount to date is 440 million euros, to provide the necessary working capital to businesses and will also exceptionally accelerate the disbursement of financing contracts already signed to support entrepreneurs and project holders.

She said that her institution has contacted, since the beginning of the crisis, its clients, both business leaders and project holders, to offer them its support during this very difficult period.

“We are relaxing our procedures. We are trying to adapt our tools and means of financing as best we can,” she added.

The EIB also stands ready to support the health system, in particular through the acquisition of medical equipment and the strengthening of health infrastructure, said Navarro, recalling that the European Bank is already active in this area in Morocco, notably by financing the construction and modernization of 16 hospitals throughout the Kingdom.

She recalled that the EIB’s support for Morocco in the context of the pandemic comes under the “Team Europe” mechanism set up by the European Commission. This mechanism coordinates the assistance provided to the European Union’s partner countries in order to mitigate the socio-economic effects of the pandemic.

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