EU to Provide €1.6 Billion for Energy Transition in Morocco
- EU will fund renewable energy projects in Morocco.
Finance will help Morocco achieve its energy transition plans.
The European Union (EU) is set to mobilise €1.6 bn to finance the energy transition projects in Morocco. The new agreement between the EU and Moroccan authorities will contribute to the country’s goal of increasing the share of renewable energy in its electricity mix by 52 per cent by 2050.
This EU investment worth €1.6 billion (nearly 18 billion Moroccan dirhams) over five years is part of the “Global Gateway”. This program aims to mobilise 300 billion euros over the period 2021-2027 for sustainable projects in the field of infrastructure, digital and climate between the EU and its partners.
“Morocco is a country with which we have built a strategic, close and solid partnership. The funds of the “Global Gateway” come from the European Union’s resources (18 billion euros of subsidies), funding granted by the 27 Member States, as well as funds from European financial institutions (145 billion euros of investments) and national development institutions (135 billion euros), supported by private investments,” Ursula von der Leyen, President of the European Commission, explained.