On Wednesday, the European Investment Bank (EIB) earmarked nearly €3 billion to bolster transformative public and private investments across the Southern Mediterranean region since the outbreak of the Ukrainian-Russian conflict.
A significant portion of this funding, €500 million is directed to Morocco, while Egypt is set to receive €1 billion, as disclosed during an ongoing two-day conference in Barcelona.
These investments are poised to enhance economic resilience and food security, improve healthcare and education systems, increase the adoption of clean energy, advance sustainable transport, and expedite initiatives combating climate change. This information was unveiled during a conference co-organized by the European Investment Bank and the Union for the Mediterranean.
Gelsomina Vigliotti, the Vice President of the European Investment Bank, emphasized the crucial role of these priority investments. “Considering the substantial risks at hand, we need to ensure the continuity of investment support in the Southern Mediterranean region. Through bolstering commercial growth and addressing climate and energy-related concerns, we can propel sustainable development and pave the way for a prosperous future for the region,” she stated.
Ricardo Mourinho, another Vice President of the European Investment Bank, shed light on the bank’s pivotal role in backing transformative investments. “EIB World, our newly established arm dedicated to development financing, is steadfast in the bank’s commitment to promoting economic and social stability for growth through impactful investments that serve to enhance living conditions, healthcare, and education while contributing to the global fight against climate change,” he explained.
Mourinho further added, “The recent investments made by the bank, in tandem with partners from the public and private sectors in the Southern Mediterranean, equip communities and businesses to better navigate shocks related to energy, food security, and inflation, while stimulating innovation, employment opportunities, and economic resilience.”
Notably, the European Investment Bank, a part of the European Union, has made investments totaling €2.5 billion (equivalent to 27.6 billion dirhams) in Morocco from 2017 to 2022. In a meeting held last February in Rabat, bank officials indicated that the last year had witnessed a doubling in the allocation of funds, reaching €381 million, half of which was allocated to structured projects within the environmental sector, renewable energy, and energy efficiency.
