Morocco: EU expands its activities in support of private sector
- Apr 24, 2019
On the occasion of Europe Day, the Delegation of the European Union to Morocco and the EIB announced the expansion of their activities in support of the private sector in order to better meet the financing and development needs of Moroccan companies. At this event, the EIB signed a memorandum of understanding with AMICA.
On the occasion of Europe Day, the Delegation of the European Union to Morocco and the EIB (the EU bank) announced the expansion of their activities in support of the private sector in order to better meet the financing and development needs of Moroccan companies. At this event, the EIB signed a memorandum of understanding with AMICA.
The European Investment Bank (EIB) and the Delegation of the European Union to Morocco, in association with EuroCham Maroc, celebrated Europe Day at the Le Casablanca Hotel in Casablanca on 24 April 2019. EU Ambassador to Morocco Claudia Wiedey, EIB Representative to Morocco Anna Barone, EuroCham Maroc President for 2019 Mazen Sowan, presidents from EuroCham's eight member chambers of commerce and industry and several economic and diplomatic figures were in attendance.
This year's Europe Day comes at a key moment in Morocco-EU relations. High Representative of the Union for Foreign Affairs and Security Policy and Vice-President of the Commission Federica Mogherini's visit to Morocco on 16 and 17 January, and her audience with His Majesty King Mohammed VI, relaunched the partnership between the country and the EU. The aim is to improve relations to an even higher level of shared ambition in all areas of mutual interest, including the economy, trade, investment and private sector development.
Marking the occasion, EU Ambassador to Morocco Claudia Wiedey said: “On behalf of the European Union, I am particularly pleased to be celebrating Europe Day with the Moroccan private sector. You are at the very heart of the EU's relationship with Morocco. The EU, EIB and EuroCham Maroc must work together closely to ensure that the relaunched partnership between Morocco and the EU brings further shared prosperity. A wide range of projects, programmes and financing tools are already in place, but we have to be even more ambitious. We are here to help but also to listen.”
“The EIB is more determined than ever to support the development and competitiveness of Moroccan companies,” said EIB Representative to Morocco Anna Barone. “By celebrating Europe Day with EuroCham Maroc, the EIB is sending a strong signal to Moroccan and European business leaders and project promoters. With our experience and expertise, we aim to provide a financing tool that is tailored to your requirements while supporting your development projects. In doing so, we will also be boosting employment, particularly for young people.”
Partnership with AMICA
At the Europe Day celebration, the EIB signed a declaration of intent with the Moroccan Automotive Industry and Manufacturing Association (Association Marocaine pour l’Industrie et la Construction de l’Automobile – AMICA) in the presence of EIB Representative to Morocco Anna Barone, EIB head of banking sector activities in neighbourhood partner countries Marion Hoenicke and AMICA Director General Abdelaziz Meftah. The aim of the new signature is to boost cooperation and enable private and institutional partners to join this initiative in the automotive industry, a key sector for the Moroccan economy.
With this new agreement, the EIB is strongly reaffirming its support for Moroccan companies in order to give them the means to develop both domestically and internationally, while also generating new job opportunities for the people of Morocco.
A key partner of Morocco for the last 30 years, since 2007 the EIB has dedicated almost EUR 5bn of investment to implementing new projects in key sectors of the Moroccan economy such as the private sector and support for businesses, urban transport, energy, water and sanitation, and education and young people. Morocco is the second largest beneficiary of EIB financing among the EU's Southern Neighbourhood countries, accounting for 25% of the Bank's total investment in the region.