The European Investment Bank Group (EIB) announced its financial support for the private sector in Morocco, notably through its credit lines with Moroccan financial institutions amounting to €440 million.
The loan is intended to assist Morocco in addressing the impact of COVID-19 on the economy.
“These credit lines dedicated to financing the private sector would be able to provide working capital and liquidity necessary for businesses to continue their activity,” the EIB said in a press release.
In addition to the immediate cash assistance, the EIB has decided to accelerate the disbursement of loans already signed to support small and medium-sized enterprises (SMEs).
“[EIB] is ready to further strengthen its support and expertise for the health sector for the acquisition of the necessary medical equipment and the strengthening of health infrastructure,” the EIB said.
“The EIB is strongly mobilized on this funding and we are already in talks with the ministry and our partners to give them all the necessary support.”
The European financial institution explained that the objective “is to support the implementation of projects that can help Moroccans concretely and quickly fight on a daily basis the COVID-19 both economically and at the health level.”
The financial assistance to Morocco is part of the “Team Europe” network, an initiative of the European Commission that aims to help countries outside the EU face the COVID-19 pandemic. The EIB announced a contribution of €5.2 billion to the network.
The EIB Vice-President Emma Navarro said the bank “is more than ever mobilized to help Morocco face this pandemic.”
“In the health sector, after having financed the construction and modernization of many hospitals, our objective is to support [Morocco] in the face of significant need for medical equipment,” Navarro said.