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Morocco, European Investment Bank, Crédit Agricole du Maroc Signed €200 Million Financing Agreement to Support Agriculture Sector
Posted On 25 Sep 2020
By Richard Adorsu-
Photo Credit: CDC
NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana– The European Investment Bank and Crédit Agricole du Maroc, have signed a €200 million financing agreement to boost support for Moroccan businesses operating in the agriculture and bio-economy 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 and marketing).
All food production segments, upstream and downstream (including farms, agricultural cooperatives, economic interest groups, small and medium-sized enterprises and microenterprises), 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 mobilize additional resources to support CAM and its clients by providing specific technical assistance. This will support the digitalization of this sector and the use of “big data”, in addition to helping develop environmentally friendly measures and action.
In his opening speech at the signing ceremony held by video conference, Aziz Akhannouch, the Moroccan Minister of Agriculture, Fisheries, Rural Development, Water and Forests welcomed “the support lent by the EIB and CAM to Morocco’s strategic vision for its agricultural sector, as embodied in the “Green Generation 2020-2030” programme. This agreement marks the first step towards making “Green Generation 2020-2030” a reality since its launch by His Majesty King Mohammed VI in February.”
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 bio-economy. Given the challenges we are facing at such a critical time for us all, we are making every effort to support Morocco’s economy.”
Tariq Sijilmassi, Chairman of the Management Board of CAM, said: “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, mobilize more resources to support the country’s new “Green Generation 2020-2030” agricultural strategy. As such, this operation is part of a large-scale support and recovery programme that CAM is working on with the Ministry of Agriculture to help farmers, agroindustries and the middle classes in rural areas. This programme will be unveiled at a later date.”
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
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