During an official visit to Morocco, European Investment Bank (EIB) Vice-President Emma Navarro has strongly reaffirmed the quality of the 40-year-old partnership between the EU bank and Morocco and has announced four new finance agreements in strategic sectors for the country: renewable energy development, the modernisation of drinking water infrastructure, and support for the private sector. This financing totals €401.5 million.
Following COP25, the new finance agreement signed by the Office national de l’électricité et de l’eau potable (ONEE) reflects the wide-ranging effort by the EU bank to support the development of safe alternative energy fully in line with the goals of the Moroccan Solar Plan and Morocco’s energy strategy, which aims to bring the renewable share of the country’s energy mix to 52% by 2030.
The EIB has also signed a €37.5 million finance agreement with ONEE to secure and improve the drinking water supply of small and medium-sized urban areas in Morocco.
The private sector was also the main focus of the Vice-President’s official visit to Morocco. She announced that the EIB would strengthen its support for Moroccan companies via initiatives including the approval of a €235 million envelope primarily targeting small and medium-sized enterprises (SMEs) and mid-caps in the country’s bioeconomy sector.