EIB releases €100 million in emergency funding to help Morocco combat COVID-19
August 31, 2020
On 31 August 2020, Mohamed Benchaaboun, the Moroccan Minister of Economy, Finance and Administration Reform, and Emma Navarro, Vice-President of the European Investment Bank (EIB), announced the release of €100 million to finance the Kingdom of Morocco’s most urgent requirements as it deals with the COVID-19 pandemic. This is the first payment of an overall financing package worth €200 million.
This €100 million payment is the first time the EIB has allocated funding to the EU’s Mediterranean neighbourhood for the purpose of fighting against COVID-19. More specifically, it forms part of the EIB’s support for the Moroccan national plan to combat COVID-19 and also chimes with Team Europe, an EU initiative to help partner countries, particularly those outside Europe, in fighting the coronavirus pandemic and dealing with its consequences.
This financing therefore dovetails with the EU’s overall action in Morocco’s health sector, supplementing the €100 million aid programme to fund healthcare needs during the pandemic and support the Ministry of Health’s reform initiative.