The European Investment Bank (EIB) has injected more than €381 million ($402.81 million) into Morocco’s economy in 2022, with half of the investments going to infrastructure projects for environmental protection, renewable energy and energy efficiency.
The disbursement volume doubled year-on-year in 2022, reflecting EIB’s commitment to sustainable development and energy transition.
“This is strengthening Morocco’s energy independence, reducing its greenhouse gas emissions and helping it develop a greener and more sustainable economy,” EIB said in a statement.
In 2022, EIB financed the ONCF, Morocco’s national railway office, with a loan of €200 million. This is the first project signed under the European Union (EU)-Morocco Green Partnership.
The Trade and Competitiveness Programme, developed by the EIB with financial support from the EU, was launched in October 2022 with a guarantee of €8 million to the Banque Centrale Populaire (BCP). This guarantee will enable BCP to take more risks and allow financing of around €50 million in investments for Moroccan exporter SMEs.
In addition, a programme to construct 150 community schools in rural areas received an investment grant of €14 million from the EIB-implemented EU Neighbourhood Investment Platform.
Overall, EIB has invested €2.5 billion to promote Morocco’s development and support its economic and financial health over the last five years, said Ricardo Mourinho Félix, Vice-President of the EIB.
Morocco is the second largest recipient of EIB support in the southern Mediterranean region, the statement added.
(Writing by P Deol; Editing by Anoop Menon)