The European Investment Bank (EIB) and the Crédit Agricole du Maroc signed a financing agreement of 200 million euros to support the Moroccan agricultural ecosystem. This agreement is the first of its kind between the two parties to support bio-economic enterprises and agriculture, to accompany Morocco’s new agricultural strategy “Generation Green 2020-2030” and is also part of the European Union’s mobilization to fight against Covid-19.
The EIB will mobilize additional resources to support Crédit Agricole du Maroc and its clients through targeted technical assistance. On the one hand, it will help to digitize this sector and use large data technology; on the other hand, it will develop new environmental measures.
This line of credit aims to support and accompany the implementation of Morocco’s new agricultural strategy, to finance agricultural value chains in all branches of production without exception and includes the entire ecosystem (production, storage, logistics, packaging, marketing …). All branches of food production are concerned by this credit (farms, agricultural cooperatives, small and medium enterprises, very small businesses …). This credit is mainly aimed at productive investments, generating employment and added value, in full cooperation with the objectives of the “Generation Green 2020-2030”.
This financing is in the framework of the European Union’s mobilization to fight against Coronavirus, in particular through the “Team Europe” program launched by the EU to support partner countries outside Europe in their fight during this health crisis and help mitigate its economic and social impact.
The EIB, with contributions from EU member countries, is a long-term financing institution. It therefore provides long-term financing to help achieve the EU’s policy objectives. As a major partner of Morocco for 40 years, the EIB has provided more than EUR 5 billion in financing since 2007, 30% of which has gone to the private sector.
On the other hand, Crédit Agricole du Maroc is the main bank and historical pioneer in financing Morocco’s agricultural sector. The total credits reached is more than 10 billion euros today, while its outstanding credits reach 8 billion euros, of which more than half are for the benefit of the agricultural sector, agricultural and food industries and economic activities in the rural areas.