The European Investment Bank (EIB) and the Crédit Agricole du Maroc Moroccan bank (CAM) have signed a financing agreement of 200 million euro to support Moroccan companies in the bio-economy and agriculture sectors. The resources are also intended to accompany Morocco's 'Green Generation 2020-2030', the country's new agricultural development strategy that aims to double Morocco's agricultural GDP and agricultural exports in the next decade while creating 350,000 jobs.
According to a joint statement from the two entities, the EIB will also mobilize additional resources to support the Moroccan bank through technical assistance to support the digitization of the processes in the value chain.
The agreement was signed by the Vice President of EIB, Emma Navarro, and the Chairman of the Board of CAM, Tariq Sijilmassi, in the presence of the Minister of Agriculture, Maritime Fisheries, Rural Development, and Water and Forests, Aziz Akhannouch.
Agriculture, the main engine of the Moroccan economy, accounts for at least 14% of the national GDP and is the main provider of employment in the Maghreb country.