Morocco To Receive €300 Million Company Relief Funds

Morocco will receive a €300 million – $354 million – loan from the European Bank for Reconstruction and Development (EBRD) to help cushion three state companies from the COVID-19 impact.

The loan will be provided to Morocco’s National Airports Office, National Highways Company and National Office for Electricity and Drinking Water, according to a joint statement by the EBRD and the Moroccan Ministry of Economy and Finance.

This loan will help the three public enterprises to counter the impact of the COVID-19 pandemic through the mobilization of funds for their cash flow needs.

The EBRD support also includes technical assistance to help modernize and consolidate good governance and increase the quality of public services by the three companies.

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The loan deal was initiated on Tuesday by Morocco’s Minister of Economy and Finance, Mohamed Benchaaboun and Vice-President of the EBRD, Alain Pilloux during a video conference.

The European Investment Bank (EIB) had on Monday announced the release of 100 million euros – $119 million – to Morocco to help deal with the COVID-19 pandemic.

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