The European Investment Bank (EIB) loaned Morocco around 3.5 Bln MAD (about 320 Mln Euros) through new financings via BEI Monde in 2023, up 44% from 2022, Adrien de Bassompierre, Head of the EIB’s representative office in Morocco, said at a press conference in Rabat on Thursday, according to an EIB news release.
Presenting EIB’s results in Morocco for 2023, he explained that EIB financing has benefited numerous projects focusing on regional economic development, inclusive and sustainable forest management, and support for small and medium-sized enterprises.
The Bank also maintained a high level of disbursements in 2023, to the tune of 161 Mln Euros in the private and public sectors, to support private enterprises and public sector economic activity, bringing the sum of injections into the national economy since 2020 to over 1.5 Bln Euros.
The EIB is actively exploring its support for post-earthquake reconstruction initiatives, with an investment of one billion euros over the next few years.
Bassompierre said that the Bank is considering a potential contribution of 500 Mln MAD to the Mohammed VI Fund for Investment (FM6I), to promote private sector green infrastructure projects, business development, and innovation. The commitments announced in 2023 are among the projects currently being evaluated.
He added that in 2023, the EIB’s commitment to Morocco intensified, and at the World Bank Assemblies in Marrakech, the bank committed to funding post-earthquake reconstruction, and will continue to support the Kingdom’s strategic ambitions for sustainable and inclusive development.
The EIB has mobilized 100 million euros for the inclusive and sustainable management of forests in national parks and watersheds, particularly in mountainous regions.
With an investment of 115 Mln MAD in MEDZ, a subsidiary of CDG, for the expansion and development of ten technopoles strategically located in five regions of Morocco, the Bank will further stimulate Morocco’s national growth and competitiveness.
In support of very small to medium-sized enterprises, the Bank has allocated 55 Mln Euros to CaixaBank through the “Tajawouz” initiative to facilitate access to financing. It also granted a EUR 50 million loan to the Banque Centrale Populaire (BCP) to support the development of very small to medium-sized businesses, as part of the Competitiveness and Trade program.
EIB’s increased commitment to Morocco in 2023 aligns with the European Union’s “Global Gateway” strategy and the Economic and Investment Plan of its [i.e., the EU’s] new Mediterranean program launched in 2021.
Focusing on the development of sustainable and inclusive initiatives, the EIB, through BEI Monde, is committed to inclusive growth and ecological transition in Morocco, as well as to shared prosperity and increased resilience on a global scale.