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Minister of Economy, Finance and Administration Reform Mohamed Benchaaboun signed on Tuesday three guarantee agreements relating to loans granted by the European Bank for Reconstruction and Development (EBRD) for a total amount of 300 million euros.
The loans are intended for the National Airports Office (ONDA), the National Highways Company (ADM) and the National Office for Electricity and Drinking Water (ONEE).
This cooperation action with the EBRD is part of the efforts undertaken by the Ministry of Economy, Finance and Administration Reform to support Public Enterprises and Establishments to counter the effects of Covid-19 crisis, in particular through the mobilization of funding for their cash flow needs, said a joint press release from the ministry and the EBRD.
The EBRD's support also includes technical assistance as part of the program to modernize and consolidate Public Enterprises and Establishments' governance, it said.
During a video conference, Benchaâboun and EBRD Vice-President Alain Pilloux hailed the quality of cooperation relations between Morocco and the Bank.
The minister also called on the EBRD to expand its support for other Public Enterprises and Establishments affected by the pandemic and to strengthen the Bank's action for the private sector to back up recovery.
For his part, the EBRD vice-president, quoted in the press release, said that : «We are delighted to provide liquidity to public enterprises to support Morocco during this unprecedented crisis».
The reform program that the Moroccan government intends to continue, with the support mainly of the EBRD, should contribute in the future to strengthening the resilience of public enterprises and guaranteeing the continuity of quality services for the Moroccan population, he added.
