- Faster disbursement of loans to assist firms lacking liquidity
- Existing credit lines deployed to provide companies with essential working capital, and EIB support for public sector strengthened
Support for the private sector is at the heart of the EIB's endeavours to help firms in Morocco, notably through its lines of credit to Moroccan financial institutions, which currently stand at EUR 440 million. These credit lines dedicated to financing the private sector will provide the working capital and liquidity needed for businesses to continue their activity. Alongside this immediate treasury assistance, as an exceptional measure the EIB has decided to speed up the disbursement of loans already signed in support of small and medium-sized enterprises.
The EIB is prepared to ramp up its support for the efforts of the country’s health sector to acquire essential medical equipment and upgrade its infrastructure. It has rapidly mobilised to mount this financing operation and is already in discussions with the ministry and the Bank’s partners to provide them with all necessary help.
The aim of this swift action is to support the implementation of projects that will provide rapid practical assistance to the Moroccan people in their day-to-day fight against Covid-19 in both economic and health terms. It is being taken in the framework of the Team Europe network, driven by the European Commission, which is designed to help countries outside the EU cope with the Covid-19 pandemic. The EIB announced today that it will contribute EUR 5.2 billion to this initiative.
“The EU bank has mobilised like never before to help Morocco cope with this pandemic” said EIB Vice-President Emma Navarro, adding that “one of the immediate economic consequences of this pandemic is the sudden lack of liquidity faced by small and medium-sized enterprises. That is why we have been listening to heads of companies and project promoters since the beginning of the crisis in order to provide them with the right practical support. We have therefore relaxed our procedures to release financing very quickly to combat the lack of liquidity. We are adapting our financing tools and means.” She concluded by saying that “In the health field, after having financed the construction and modernisation of many hospitals, our aim is to help Morocco meet its significant substantial medical equipment needs.”
The health of citizens and the modernisation of medical infrastructure are at the heart of the EU bank's priorities. In Morocco, it has dedicated loans worth EUR 70 million to the construction and upgrading of 16 hospitals* throughout the country, providing them with state-of-the-art equipment and infrastructure enabling staff to work in better conditions.
The EIB has had a special partnership with Morocco for 40 years. In 2019, it pumped more than EUR 300 million into the implementation of projects in key segments of the country’s economy such as the business sector, agriculture, water and sanitation, transport and renewable energy.
*Hospitals: EL JADIDA, KHENIFRA, TÉMARA, SALÉ, TAN TAN, OUARZAZATE, ERRACHIDIA, TAROUDANNT, EL KELAA, ESSAOUIRA, TAZA, LARACHE, CHEFCHAOUEN, TANGIER, TÉTOUAN, KÉNITRA.