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The Moroccan Ministry of Economy, Finance and Administration Reform announced that the European Investment Bank (EIB), has released approximately $119 million to deals with the COVID-19 pandemic.

  • This $119 million payment is the first time the EIB has allocated funding to the EU’s Mediterranean neighbourhood for the purpose of fighting against COVID-19.
  • The Minister emphasised the importance of these funds in enabling Morocco to procure urgently needed medical supplies and equipment. The financing will strengthen the country’s health facilities and boost hospital capacity, allowing it to fight against the pandemic more effectively.

The major supports and loans by European Investment Bank are featured below:

Aug 2020: The leading European funding agency the European Investment Bank (EIB) will provide a $23 million loan to Spanish biopharmaceutical company Sanifit to develop new treatments for progressive vascular calcification.

July 2020: The European Investment Bank has announced to support construction of a new power plant in Greece by Mytilineos S.A. EIB agrees $141 million financing for $365 million power plant.

July 2020: The European Investment Bank (EIB) has approved approximately $18.8 billion of new financing for projects across Europe and around the world. The funding includes more than $10.5 billion of COVID-19-related investment to improve public health, and back investment by companies in sectors hit by the pandemic.

June 2020: The European Investment Bank (EIB) announced a $225 million loan to a Germany based KWS SAAT SE & Co. a leading seed producer.

June 2020: The European Investment Bank has approved $804 billion of new financing for projects across Europe and around the world. The fresh fund will improve public health, hospital and dedicated new business lending programmes to support sectors most impacted by the COVID-19 pandemic.

June 2020: The European Investment Bank had granted a line of credit of approximately $ 509 million to the consortium bringing together EDF Renouvelables, Enbridge and wpd to co-finance the construction of the largest offshore wind farm project in France, located off Fecamp.

May 2020: The European Investment Bank expands cooperation with the World Health Organization to strengthen public health, supply of essential equipment, training and hygiene investment in countries most vulnerable to the COVID-19 pandemic.

April 2020: European Investment Bank had approved approximately $5.4 billion financial assistance for businesses hit by the economic shock created by COVID-19. The new fund will help to upgrade and manufacture more medical equipment’s for COVID patient.

April 2020: The EIB Group had announced a COVID-19 guarantee fund of approximately $27 billion. The fund will be implemented by the Groups subsidiary EIB and the EIF, which is specialised in funding small and medium-sized enterprises. In addition to the COVID-19 guarantee fund, the EIB Group is also implementing the emergency measures to support companies in the EU to overcome the consequences caused by the coronavirus.

March 2020, The EIB Group had proposed a plan to mobilise approximately $ 44 billion of financing for SMEs and mid-caps. The fund will be supported through loans, credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps.

About EIB
The European Investment Bank Group, is an international financial institution, headquartered in Luxembourg. It is a bank of European Union. The EIB Group has two parts- the European Investment Bank(EIB) and the European Investment Fund(EIF). The EIB is the lending arm of 27 members European Union. The EIF support SMEs, and it work through financial intermediaries in the Member States and in partnership with national promotional banks. EIB helps in creating jobs and improving lives for EU citizens and also helps people in developing countries.

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