The FINANCIAL — EIB provides €100 million for technology parks developed by MEDZ.
These will foster innovation and business competitiveness.
Innovation is key to ensuring the competitiveness of Moroccan businesses and their integration into the global economy. This insight has led MEDZ, a subsidiary of CDG Développement, to launch seven technology park projects across the length and breadth of the Kingdom of Morocco. As the European Investment Bank reported, these innovative facilities are designed to provide international standard infrastructure and services and foster the development and competitiveness of Moroccan companies by catering for their training and R&D needs.
To help finance its programme, MEDZ has obtained a €100 million loan from the European Investment Bank (EIB).
The loan agreement was signed on 4 October 2012 at the Technopolis Park by the Head of Caisse de Dépôt et de Gestion and Chairman of MEDZ’s Supervisory Board, Anass Houir Alami, and EIB Vice-President Philippe de Fontaine Vive.
This operation will be mounted in the framework of Morocco’s National Industrial Emergence Pact and will help to finance the construction of: Atlantic Free Zone in Kénitra. Haliopolis Park in Agadir. MidParc in Nouasser. Oujda Technopole. Technopolis Park in Rabat-Salé. Agropolis in Meknès. Agropole in Berkane.
These technology parks form knowledge and value added clusters thanks to the quality and range of the corporate services on offer: World-beating facilities. Competitive property services. Wide range of general and operational services, etc. One stop shop for administration. Integrated training and R&D, etc.
At the signing ceremony, Mr Anass Houir Alami said that: “MEDZ, which is celebrating its 10th anniversary this year, has seen its business steadily grow. It is contributing to a number of large-scale infrastructure projects furthering Morocco’s economic and social development. (…) MEDZ is now intent on turning its projects into centres of excellence and competitiveness, creating true drivers of regional development. (…) This loan is providing timely support for MEDZ’s ambitious programme of investing nearly 3 billion dirham in these seven technology parks. (…) The signing of this agreement is a pledge of confidence in the ability of MEDZ and the CDG group in general to carry out flagship infrastructure projects capable of providing sustained support for sectoral strategies and taking the economy forward (…).”
EIB Vice-President Philippe de Fontaine Vive welcomed the signing of the loan agreement with MEDZ, saying that: “This loan confirms the decisive catalytic role played by the EIB in the long-term financing of large-scale innovation projects. The synergies created between research, higher education and industry will spearhead development and economic competitiveness. What is more, they will provide a unique opportunity for young people”.
With 2012 marking 10 years of the EIB’s activity in the Mediterranean, the signing of this loan underscores the 35-year quality partnership between the EIB and Morocco, which has given rise to €4.7 billion worth of financing in key sectors such as energy, transport, water, small and medium-sized enterprises, urban infrastructure, industry and education.
In 2011, Morocco was one of the leading beneficiaries of EIB action, attracting €200 million of investment.
Since January 2012, the EIB has committed the record amount of over €450 million to practical projects directly promoting Morocco’s economic and social development.