- Between 2017 and 2022, the EIB invested €2.5 billion (around MAD 27.6 billion) in key sectors for Morocco’s development.
- Disbursement volume was doubled in 2022 to €381 million, reflecting the quality of the projects being implemented.
- €222 million in new financing focused on sustainable and low-carbon mobility was granted in 2022.
At a press conference, Ricardo Mourinho Félix, Vice-President of the European Investment Bank (EIB) in Morocco, highlighted the significant amount of funding mobilised by the Bank over the last five years, with a total of €2.5 billion invested to promote Morocco’s development and support its economic and financial health. This makes Morocco the recipient of the second largest volume of EIB support in the southern Mediterranean region.
Since 2017, the EIB has devoted around 40% of its financing to small and medium-sized enterprises (SMEs) and industry, 20% to renewable energy, 19% to sustainable transport and 16% to health and education.
In 2022, the Bank injected more than €381 million into Morocco’s economy, half of which went to infrastructure projects for environmental protection, renewable energy and energy efficiency. Doubling the disbursement volume in 2022 compared to 2021 reflects the EIB’s commitment to sustainable development and the energy transition. This is strengthening Morocco’s energy independence, reducing its greenhouse gas emissions and helping it develop a greener and more sustainable economy.
“We have accelerated the implementation of our projects in Morocco in all sectors of our activity. We have been working closely with our partners on the ground to provide financial and human resources in order to lend even stronger support to the country’s development,” said EIB Vice-President Ricardo Mourinho Félix at a presentation of the Bank’s work in Rabat. “With EIB Global, the EIB’s new development arm, we will further strengthen our local, regional and international partnerships to support projects with high economic and social impact for the benefit of all Moroccans.”
In 2022, the EIB financed the ONCF, Morocco’s national railway office, with a loan of €200 million. It was the first project signed under the EU-Morocco Green Partnership. This major financial commitment is intended to support the transition to low-carbon, sustainable mobility while promoting a better geographical balance in rail service access. Throughout the project, the EIB will help the ONCF consolidate its climate adaptation roadmap. Fully aligned with the goals of the Paris Agreement, this assistance will further key transport and climate action priorities that the EIB maintains as the EU climate bank, while also helping Morocco implement its Nationally Determined Contributions.
October 2022 also marked the launch of the Trade and Competitiveness Programme, developed by the EIB with financial support from the European Union, with a guarantee of €8 million granted to the Banque Centrale Populaire (BCP). This guarantee will enable BCP to take more risks, and allow financing of around €50 million in investments for Moroccan exporter SMEs. The EIB will also provide technical and financial expertise on decarbonisation, productivity and digitalisation with a view to strengthening value chains with the European Union.
In addition, in 2022, a programme to construct 150 community schools in rural areas received an investment grant of €14 million from the EU Neighbourhood Investment Platform, implemented by the EIB.
Background information
European Investment Bank
The EIB has been a key partner for Morocco for more than 40 years. It finances the development and implementation of important projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and even renewable energy.
EIB Global is the EIB Group’s specialised arm dedicated to increasing the impact of international partnerships and development finance. EIB Global is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions, and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices across the world.