The European Investment Bank (EIB) and the Crédit Agricole du Maroc Moroccan bank (CAM) signed an agreement of €200 million to support companies in Morocco in the bio-economy and agriculture sector.
The grant was signed in the presence of Aziz Akhannouch, the Moroccan Minister of Agriculture, Fisheries, Rural Development, Water and Forests, the European Investment Bank (EIB) and CAM, represented respectively by Emma Navarro, Vice-President and Tariq Sijilmassi, Chairman of the Management Board.
The grant is also intended to accompany Morocco’s ‘Green Generation 2020-2030’ which is Morocco’s new agricultural development strategy that aims to double the country’s agricultural GDP and agricultural exports. This strategy aims to create 350,000 jobs in the next 10 years.
According to the statement, EIB and Credit Agricole are targeting “productive investments that generate jobs and added value, fully in line with the ambitions of “Green Generation 2020-2030”.
According to a joint press release from EIB and Credit Agricole the loan will cover the financing of agricultural value chains, all production combined ecosystem related activities, including production, storage, logistics, packaging and marketing.
According to the statement, the beneficiaries of the projects are food production, farms, agricultural cooperatives, small and medium-sized enterprises and small businesses.
The European Investment will also add additional resources to support CAM and its clients by providing specific technical assistance. in addition to helping develop environmentally-friendly measures and action, it will also support the digitalisation of this sector and the use of “big data”.
EIB Vice-President Emma Navarro said: “The private sector is a priority for the EIB. We attach particular importance to this area and, through this partnership, would like to support small and medium-sized enterprises in a key sector for the Moroccan economy. For us, this is a strategic partnership with a major player in the financing of Morocco’s bioeconomy. Given the challenges we are facing at such a critical time for us all, we are making every effort to support Morocco’s economy.”
“This agreement is the first step taken jointly by CAM and the EIB towards building a strong and sustainable partnership that benefits the agricultural world and rural communities. Through this agreement, we wish to consolidate our support for the agricultural sector, which remains our bank’s top priority, and, above all, mobilise more resources to support the country’s new “Green Generation 2020-2030” agricultural strategy”. Said Tariq Sijilmassi, Chairman of the Management Board of CAM.