EIB Invests €115 Million in Advancing Sustainable Technology Parks in Morocco

Friday 09 February 2024 - 10:15

This significant initiative aligns with the Moroccan government’s new economic model and industrial acceleration strategy aimed at positioning Morocco as a leader in sustainable development. MEDZ, the wholly-owned regional development subsidiary of Morocco’s CDG Group, is set to receive €115 million from the European Investment Bank (EIB) to expand and modernize ten strategic technology parks across five regions of Morocco.

The EIB and CDG reaffirmed their joint commitment to sustainable development and climate finance during the European Investment Bank Group Forum held on February 7-8 last year in Luxembourg.

"EIB Vice-President Nicola Beer expressed our pride in strengthening our partnership with CDG Group," stated EIB Vice-President Nicola Beer.

At the forum, the signing of a €115 million financing contract for the Technopoles Maroc II project with MEDZ was announced, dated December 29, 2023.

"This financing marks a significant milestone in our collaborative efforts and underscores our shared dedication to sustainable development, economic prosperity, and the decarbonization of Moroccan industry," emphasized Beer.

The primary objective of this initiative is to bolster Morocco's position as a competitive, carbon-neutral manufacturing hub and to drive regional economic growth.

Utilizing the EIB loan accessed through EIB Global, the expansion and alignment with environmental standards of ten technology parks will take place. These parks, chosen for their integrated corporate clusters, industrial platforms, and potential for research, development, and innovation, will also incorporate educational elements centered on sustainability.

This large-scale endeavor dovetails with the Moroccan government’s vision to establish Morocco as a leader in carbon-neutral, ethical, and sustainable manufacturing.

In line with the advanced regionalization strategy, this project aims to facilitate a sustainable economic recovery and mitigate regional disparities.

Highlighting the robust CDG-EIB partnership, this project builds on the success of the Technopoles I operation in 2012, which generated nearly 36,000 jobs.

"This ambitious project not only promises to catalyze innovation in the Moroccan economy but also to create sustainable employment opportunities, reduce regional disparities, and foster a greener and more competitive industry," Beer emphasized, underscoring the project's focus on job creation.

CDG General Director Khalid Safir reiterated that the partnership's goal is to intensify efforts to enhance the country's economic sustainability.

"We remain committed to leveraging our investment and financing endeavors in collaboration with key institutions like the EIB, with whom we share these values," Safir emphasized.