EBRD supports vital infrastructure services in Morocco during pandemic

The European Bank for Reconstruction and Development (EBRD) is supporting the delivery of vital infrastructure services in Morocco with a €300 million financing package to state-owned utility and transport companies. It will also support the government’s reform agenda on the governance of state-owned companies.

Ensuring continuous delivery of vital infrastructure services to the Moroccan people during the Covid-19 pandemic, the EBRD is providing a €50 million loan to the Office National de l’Électricité et de l’Eau Potable (ONEE Water), €100 million to Société Nationale des Autoroutes du Maroc (ADM; Morocco’s national authority for the management of motorways), and a €150 million to the Office National des Aéroports (ONDA).

The three state-owned companies will also benefit from a capacity-building programme in several areas. In addition, the Ministry of Economy, Finance, and Administration Reform will benefit from technical assistance to develop a reform strategy aimed at enhancing the governance of state-owned companies.

EBRD Vice President of Banking, Alain Pilloux, said: “We are very happy to provide much-needed liquidity funds to support Morocco during this unprecedented crisis. The reform agenda that the Moroccan government is committed to pursuing with the EBRD’s support will also contribute to the resilience of these companies in the future and better services for the Moroccan people.”

Morocco is a founding member of the EBRD and became a country of operations in 2012. To date, the EBRD has invested close to €2.5 billion in Morocco through 66 projects.

Original source: EBRD