The European Investment Bank (EIB) announced on Monday the release of 100 million euros (119 million U.S. dollars) to Morocco to help deal with the COVID-19 pandemic.
According to Moroccan official news agency MAP, this amount is the first payment of an overall financing package of 200 million euros.
Moroccan Minister of Economy and Finance Mohamed Benchaaboun told Emma Navarro, vice-president of EIB, at an online signature ceremony that the loan will strengthen the country’s health facilities and boost hospitals’ capacity and efficiency.
For her part, Emma Navarro said that the funds were released in record time and are very important in limiting the pandemic’s impact on Moroccans’ health.
Since 2007, the EIB has granted Morocco over 5 billion euros in funding, the agency said.