Rabat: The European Investment Bank (EIB) ramped up its support for Morocco with £500 million in financing in 2024, a 56% increase from the previous year, underscoring its role as a key development partner.
According to Agence Marocaine De Presse, the funding, which pushed the EIB’s overall commitments in Morocco past the £10 billion mark, backed major projects in energy, water, transport, education, and business development, the bank said in its annual report.
“Morocco is a strategic partner for the EIB and the European Union,” EIB Vice-President Ioannis Tsakiris said. “By deepening our collaboration with institutions like the CDG and the Mohammed VI Investment Fund, we are driving investment in critical infrastructure, accelerating the energy transition, and fostering inclusive and sustainable growth.”
The bank’s recent initiatives include a £500 million tranche from a £1 billion commitment to rebuild schools, hospitals, and roads damaged by the Al Haouz earthquake. The funds are part of Morocco’s broader reconstruction plan and align with the EU-Morocco Green Partnership, integrating seismic resilience and sustainable energy solutions. The EU is also contributing a £225 million grant.
To expand rural education, the EIB, the EU Delegation to Morocco, and the Ministry of National Education launched a £6 million technical assistance program to construct and rehabilitate 150 community schools over five years. Meanwhile, the bank is supporting the National Railways Office (ONCF) in developing a climate resilience strategy for Morocco’s rail network.
In December, the EIB and Morocco’s Caisse de D©p´t et de Gestion (CDG) reaffirmed their partnership, focused on industrial zones, SME financing, and sustainability. Since their collaboration began, the EIB has committed £455 million to CDG-led projects.
Looking ahead to 2025, the EIB plans to sustain its support for Morocco’s infrastructure, prioritizing SME financing, renewable energy, and sustainable transport while reinforcing the country’s resilience in water and electricity networks.