The European Investment Bank injected 2.5 billion euros to support the development of the Moroccan economy in the last five years.
Rabat – Morocco is the second beneficiary country of investments from the European Investment Bank (EIB), according to the Vice President of the European Investment Bank (EIB) in Morocco, Ricardo Mourinho Félix.
In a press conference held on Wednesday in Rabat, Felix highlighted the important support that the EIB provides to Morocco, recalling that the bank injected 2.5 billion euros to support the development of the Moroccan economy in the last five years.
Between 2017 and 2022, EIB investment in Morocco has been gaining traction, with EIB investment doubling between 2021 and 2022, Felix explained.
In a statement, the EIB says it is focusing on key sectors of the Moroccan economy, with €222 million invested in 2022 in sustainable and low-carbon transport in Morocco.
In addition to financing low-carbon projects, the EIB dedicated around 40% of its financing in Morocco to small and medium-sized enterprises (SMEs), 20% to renewable energy, 19% to sustainable transport, and 16% to health and the education.
In 2022, the EIB injected more than €381 million into the Moroccan economy, 50% of which was dedicated to the structuring of environmental, renewable energy and energy efficiency projects.
According to the bank, the investments contribute to strengthening Morocco's energy independence, reducing greenhouse gas emissions and supporting the development of a greener and more sustainable economy.
«We have accelerated the execution of our projects in Morocco in all our sectors of activity. We have worked closely with our partners to make available financial and human resources that further support the development of the Kingdom,” said Félix when presenting the bank's work in Morocco.
Pointing to the bank's investment strategy for 2023, Félix said that through a newly created institution, EIB Global, the bank will continue to strengthen “its local, regional and international partnerships to support projects with a high economic and social impact for the benefit of all.” the Moroccans."
The EIB in Morocco
In 2022, the EIB financed the Moroccan railway company Office National des Chemins de Fer (ONCF) with a loan of €200 million. This financing project was the first signed within the framework of the new Green Partnership initiative with Morocco.
The investment aims to support Morocco's transition towards sustainable, low-carbon mobility, while promoting territorial equity in access to rail services.
Throughout the project, the EIB will support the ONCF in consolidating its roadmap for adaptation to climate change, in line with the objectives of the Paris Climate Agreement.
In 2022, the European bank also launched the Trade and Competitiveness Programme. This programme, developed by the EIB with financial support from the European Union (EU), aims to boost the competitiveness of Moroccan SMEs.
Through an €8 million investment in the Banque Centrale Populaire (BCP), a Moroccan bank, the EIB supported the BCP in issuing loans to exporting SMEs conventionally considered high risk.
Thanks to this agreement, the BCP will be able to issue an additional 50 million euros for Moroccan exporting SMEs. The EIB will also provide its technical and financial expertise on decarbonisation, productivity and digitalisation to support the project.