Morocco: European Investment Bank and Crédit Agricole du Maroc sign €200 million financing agreement to support agricultural ecosystems
September 21, 2020
Last week, the European Investment Bank (EIB) and Crédit Agricole du Maroc (CAM), represented respectively by Emma Navarro, Vice-President, and Tariq Sijilmassi, Chairman of the Management Board, signed a €200 million loan agreement to boost support for Moroccan businesses operating in the agriculture and bioeconomy sector with a particular focus on sustainable development.
This credit line’s primary objective is to assist Morocco in rolling out its new “Green Generation 2020-2030” agricultural strategy. It will provide financing for the value chains present in all types of agricultural production, with an impact on every aspect of the related ecosystem (production, storage, logistics, packaging, packing, processing, marketing, etc.). All food production segments, upstream and downstream (including farms, agricultural cooperatives, economic interest groups, small and medium-sized enterprises and micro-enterprises), are eligible for the funding. In particular, the aim is to finance productive investments that create jobs and add value, fully in line with the ambitions of “Green Generation 2020-2030”.
The EIB will also mobilise additional resources to support CAM and its clients by providing specific technical assistance. This will support the digitalisation of this sector and the use of “big data”, in addition to helping develop environmentally friendly measures and action.
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.