EIB enhances support for Morocco's development with record investment
The European Investment Bank (EIB) has strengthened its commitment to Morocco's development initiatives, surpassing the €10 billion investment mark since the inception of its partnership with the North African nation. A recent statement shared with Morocco World News reveals that the financing budget for 2024 will see a remarkable 56% increase compared to 2023, with a focus on key strategic priorities.
The EIB's announcement includes a significant €500 million allocation for 2024, emphasizing its dedication to sustainable development and economic resilience in Morocco. This funding aims to bolster various sectors, including education, water, and transport, reflecting a comprehensive approach to enhancing the country’s infrastructure.
Ioannis Tsakiris, EIB Vice President, praised the collaboration with Morocco, highlighting the country as a pivotal partner for both the bank and the European Union. "By reinforcing our commitment and partnerships with key players like the CDG and the Mohammed VI Investment Fund, we aim to encourage investment in critical infrastructure and support the energy transition, fostering inclusive growth for all Moroccans," Tsakiris stated.
The EIB's statement also detailed its ongoing projects in Morocco, including a €1 billion commitment directed towards recovery efforts following the devastating earthquake that struck Al Haouz in September 2023. In October 2024, the EIB initiated the first tranche of this funding to rebuild schools, hospitals, and roads damaged by the disaster.
In addition to reconstructing vital infrastructure, the EIB has partnered with the EU delegation in Morocco and the Ministry of Education to launch a €6 million technical assistance program aimed at building 150 community schools in rural areas over the next five years. This initiative is part of a broader effort to enhance educational opportunities and accessibility in underserved regions.
The bank is also collaborating with Morocco's railway operator, ONCF, to develop climate adaptation strategies addressing extreme weather events. In a December meeting with the Caisse de Depot et de Gestion (CDG), the EIB reaffirmed its commitment to supporting industrial zones and small and medium enterprises, with over $445 million already allocated for strategic projects led by the CDG.
Looking ahead to 2025, the EIB plans to maintain its focus on financing small businesses, renewable energy, and sustainable transport, further solidifying its role in Morocco's economic landscape. Adrien de Bassompierre, Head of the EIB’s representation in Morocco, emphasized the significance of the €10 billion investment milestone, stating, "These investments have a tangible impact: they improve citizens’ daily lives, enhance business competitiveness, and accelerate the transition to a more resilient and sustainable economy."
The EIB's ongoing support underscores its commitment to Morocco's development ambitions and the strengthening of its partnership with the country.
