Mohammed Benchaaboun, the Minister of Economy, Finance and Administrative Reform, and Emma Navarro, Vice-President of the European Investment Bank (EIB) announced that 100 million euros would be provided to meet Morocco’s most urgent needs to deal with Coronavirus. This will be the first advance of a 200-Million-Euro fund.
In a statement reported by the Moroccan media, the Minister stressed the importance of this funding in order to meet the Kingdom’s urgent needs for medical supplies and equipment. He added that this will strengthen health and hospital capacities to deal effectively with the pandemic.
In the same statement, the Vice-President approved this investment within short notice, stressing the importance of acting quickly to minimize the impact of the virus on citizens.
The EIB is still actively working to use its expertise and resources to provide concrete solutions to the problems of Coronavirus.
This financing is the first in the Mediterranean region to combat coronavirus. Moreover, it is part of Morocco’s pandemic monitoring and response plan supported by the EIB, as well as of the “Team Europe” efforts, a program developed by the European Union to support partner countries outside Europe in coping with the Coronavirus and help them manage its consequences. These funds are in complement to the efforts of the European Union in the health sector in Morocco, thus completing a support program that amounts to 100 million euros, devoted to cover the health needs of the pandemic and to support the reform program maintained by the Ministry, said the statement.
The EIB, which has been a major partner of Morocco for 40 years, is constantly striving to improve the daily lives of Moroccans and to make further progress for the economic development of the kingdom. Since 2007, Morocco has received more than 5 billion euros in financing, 30% of which has gone to the private sector. Furthermore, since the beginning of the pandemic, the EIB has been providing aid to companies that lack cash flow. It has also provided support to the education sector, notably the Euro-Mediterranean University in Fez where students on scholarships have been able to continue their studies and create preventive medical equipment.