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European Investment Bank
09 Feb, 2024, 03:36 ET

LUXEMBOURG, 08 February 2024 / PRN Africa / -- The EIB is providing €115 million (approximately MAD 1.3 billion) to MEDZ, a wholly owned regional development subsidiary of CDG Group, to expand and modernise ten technology parks strategically located in five Moroccan regions. This financing reaffirms EIB cooperation with CDG Group.

The operation supports Morocco’s advanced regionalisation policy and its new development model, and is in line with the EU Agenda for the Mediterranean on resilience and the climate transition.

The project is expected to create up to 51 500 direct permanent jobs, helping to reduce regional disparities while boosting innovation and competitiveness in the country.

At the European Investment Bank (EIB) Group Forum on 7 and 8 February in Luxembourg, the EIB and Caisse de Dépôt et de Gestion (CDG) du Maroc reaffirmed their mutual commitment to sustainable development and climate finance, and announced the signature of a €115 million (MAD 1.3 billion) finance contract for the Technopoles Maroc II project with MEDZ on 29 December 2023. This operation aims to promote regional economic development and help establish Morocco as a competitive carbon-free industrial hub.

Provided via EIB Global, the EIB loan will be used to sustainably expand ten technology parks across several regions of the country, bringing them into line with environmental standards. The selected parks will house integrated business clusters and industrial platforms with substantial research, development and innovation potential, together with sustainability-oriented educational components.

This ambitious project supports the goals of the Moroccan government, particularly under its new development model and industrial acceleration plan, which aim to make the country a reference point for carbon-free, responsible and sustainable production methods. It also aims to back a sustainable economic recovery and reduce regional disparities, in line with the advanced regionalisation policy.

This project is a continuation of the success of 2012’s Technopoles I operation, which has generated approximately 36 000 jobs, and is a testament to the strength of the CDG-EIB partnership.

It is in line with EU goals under the new Agenda for the Mediterranean, including resilience, prosperity, the green transition, human development, migration and mobility. It will also contribute to the Morocco-EU Green Partnership set up in October 2022, promoting substantial job creation.

“We are proud to strengthen our partnership with CDG Group. This financing is a major step forward for our productive working relationship, and shows our joint commitment to sustainable development, economic prosperity and the decarbonisation of Moroccan industry,” said EIB Vice-President Nicola Beer. “This ambitious project will not only provide an innovation boost to the Moroccan economy, but will also create sustainable jobs and reduce regional disparities, while building greener and more competitive industry.”

Caisse de Dépôt et de Gestion (CDG) General Director Khalid Safir said: “We welcome the strengthening of our partnership with the EIB, which we have been consolidating for several years now. The share the same objectives on the economic and social influence of our Moroccan regions and the reduction of regional disparities. As a high-impact player, we aim to step up our action as a sustainability driver of our economy. This is why we will continue to combine our investment and financing efforts with major institutions like the EIB with which we share these values.”

Background information

European Investment Bank

The EIB has been a key partner for Morocco for more than 40 years. It finances the development and implementation of important projects in vital sectors of the Moroccan economy such as business support, agriculture, water and sanitation, education, health, transport and renewable energy.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance. It is designed to foster strong, focused partnership within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

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SOURCE European Investment Bank