The European Investment Bank (EIB) and the Crédit Agricole du Maroc (GCAM) group signed, on Wednesday, a financing agreement of 200 million euros to support Moroccan businesses in the bio-economy and agriculture sector with special attention to sustainable development.
Signed by EIB Vice-President Emma Navarro and Chairman of the GCAM Executive Board Tariq Sijilmassi, in the presence of Minister of Agriculture, Fisheries, Rural Development, Waters and Forests Aziz Akhannouch, the primary objective of this agreement is to support the implementation of the Kingdom’s new agricultural strategy “Green Generation 2020-2020”, said a joint press release from the two parties.
This line of credit covers the financing of agricultural value chains, all productions combined, and involves the entire related ecosystem (production, storage, logistics, packaging, processing, marketing, etc.). All food production segments (farms, agricultural cooperatives, economic interest groups, small and medium-sized enterprises, very small enterprises, etc.) are eligible.
It targets in particular productive investments that generate jobs and value added, in perfect accordance with the guidelines of “Green Generation 2020-2030”.
This large support is also part of the European Union (EU) mobilization to counter the novel coronavirus (covid-19) pandemic, the press release said, adding that this loan will be accompanied by technical assistance to support GCAM in the digitization of agricultural value chains and green financing.
The EIB will also mobilize additional resources to support the GCAM and its clients through targeted technical assistance which will, on the one hand, support the digitization of this sector and the use of “big data” and, on the other hand, develop measures and actions in favor of the environment.
A key partner of Morocco for more than 40 years, the EIB has granted the Kingdom since 2007, more than 5 billion euros of financing, 30% of which is dedicated to the private sector.
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