EIB Allocates $482mn to support Moroccan Firms

The logo of the European Investment Bank is pictured in the city of Luxembourg, Luxembourg, March 25, 2017. Reuters/Eric Vidal

The European Investment Bank (EIB) Group has allocated $482mn (€440mn) to back Moroccan firms in combating the novel global virus impact on liquidity.

Emma Navarro, vice-president of the bank; said in a press conference in Brussels that the EIB will mobilize existing lines of credit, whose outstanding amount to date is €440mn. This is to provide the necessary working capital to businesses.

She added that her institution has contacted, since the beginning of the crisis, its clients; both business leaders and project holders, to offer them its support during this very difficult period.

“We are relaxing our procedures. We are trying to adapt our tools and means of financing as best we can,” Navarro continued.

The EIB also stands ready to support the health system. In particular through the acquisition of medical equipment and the strengthening of health infrastructure, said Navarro. He also recalled that the Bank is already active in this area in Morocco. This is notably by financing the construction and modernization of 16 hospitals throughout the Kingdom.

“The partnership that binds us to Morocco is very strong. That is why this country will have our full attention for the duration of this pandemic to give it all the necessary support,” she affirmed.