EIB releases €100 million in emergency funding to help Morocco combat COVID-19

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. 

The Minister of Economy, Finance, and Administration Reform emphasised the importance of these funds in enabling Morocco to procure urgently needed medical supplies and equipment. The financing will strengthen the country’s health facilities and boost hospital capacity, allowing it to fight against the pandemic more effectively. This achievement is a tangible sign of the calibre of the partnership between Morocco and the EIB, the EU bank.

The EIB Vice-President was delighted that these funds were released in record time. For her, acting rapidly is crucial in limiting the pandemic’s impact on the population’s health. The EIB is continuing to draw on its expertise, resources, and skills to provide concrete solutions to the challenges posed by COVID-19.

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.

Original source: EIB