Covid-19: the European Investment Bank Provides 100 Million Euros to Morocco

The Minister of Economy, Finance and Administrative Reform, Mohamed Benchaâboun, and the Vice-President of the European Investment Bank (EIB), Emma Navarro, announced on Monday that 100 Million Euros have been granted to fund the most critical needs of Morocco to deal with the Covid-19 pandemic.

The first part of 100 Million Euros has been granted urgently to support Morocco’s efforts to fight against the Covid-19 virus crisis, out of a total financing of 200 million Euros, said a joint press release from the Ministry and the EIB.

On this occasion, Benchaâboun stressed the importance of this funding for the Kingdom to meet urgent needs in terms of medical equipment and materials and to strengthen health and hospital capacity in order to fight more effectively against the pandemic. This is the clear manifestation of a high-quality partnership between the Kingdom of Morocco and the EIB, the bank of the European Union (EU), said the Minister, as quoted in the statement.

For her part, the EIB Vice-President welcomed this release of funds in record time, as it is crucial, she said, to act swiftly to limit the health impact of such a pandemic on the population. The EIB continues to mobilize its expertise, resources and skills to provide concrete solutions to the challenges of Covid-19.

This EUR 100 million disbursement, the statement continues, is the EIB’s first financing in the EU’s Mediterranean neighboring countries in the fight against Covid-19. More specifically, it forms part of Morocco’s National Pandemic Response Plan for Covid-19, whose implementation in Morocco is supported by the EIB, and of Team Europe, a program set up by the European Union with the aim of supporting partner countries, particularly those outside Europe, in the fight against the Coronavirus pandemic and in coping with its consequences.

This funding is thus in line with the EU’s action in the health sector in Morocco, in addition to the €100 million support program for health needs in the context of the pandemic and support for the Ministry of Health’s reform program.

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