The European Investment Bank (EIB) and Crédit Agricole du Maroc (CAM) have signed a US$233mn loan agreement to boost support for Moroccan agricultural and bio-economic businesses with a particular focus on sustainable development
The grant was signed in the presence of Aziz Akhannouch, the Moroccan minister for agriculture, fisheries, rural development, water and forests, the European Investment Bank (EIB) and CAM, represented by Emma Navarro, vice-president, and Tariq Sijilmassi, chairman of the management board.
The primary objective of this credit line is to assist Morocco in the implementation of its new “Green Generation 2020-2030” agricultural strategy. In particular, the objective is to finance productive investments that create jobs and add value, fully in line with the “Green Generation 2020-2030” ambitions.
The EIB will also mobilise additional resources to support CAM and its clients by providing specific technical assistance. This will support the digitisation of this sector and the use of big data, as well as helping to develop environmentally-friendly measures and actions.
Emma Navarro, EIB vice-president, said, “The private sector is a priority for the EIB. We attach particular importance to this area and, through this partnership, would like to support small and medium-sized enterprises in a major sector for the Moroccan economy. For us, this is a strategic partnership with a major player in the financing of Morocco’s bio-economy. Given the challenges we are facing at such a critical time for us all, we are making every effort to support Morocco’s economy.”
Tariq Sijilmassi, chairman of the management board of CAM, said, “Through this agreement, we wish to consolidate our support for the agricultural sector, which remains our bank’s top priority, and, above all, mobilise more resources to support the country’s new “Green Generation 2020-2030” agricultural strategy. As such, this operation is part of a large-scale support and recovery programme that CAM is working on with the Ministry of Agriculture to help farmers, agro-industries and the middle classes in rural areas. This programme will be unveiled at a later date.”
This funding is part of the European Union’s fight against the coronavirus pandemic and, more specifically, chimes with Team Europe, an EU initiative set up to help partner countries, in particular countries outside Europe, in combating this public health crisis and mitigating its economic and social impacts.