Tiempos de filtracion
7 EVALUACIÓN DE COSTOS
Apart from the institutions described in the previous Chapters, the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD) are equally decisive actors with respect to the EU’s external action, with the EIB claiming to have a ‘multiplier effect in direct support of the European external action and development effort.’579 This
is also true for EU energy governance towards Morocco where both banks are the most important financial EU actors in Morocco (and among the most important in general). They finance projects in support of EU policies and are involved both in budget support and co- financing.
Founded in 1958 and headquartered in Luxembourg, the European Investment Bank (EIB), which is jointly owned by all of the 28 EU member states, is the EU’s most important financing institution whose mission is to ‘fund viable projects that deliver the EU’s policy objectives within
574 UfM (Accessed on 25 February 2019).
575 CMI (Accessed on 25 February 2019).
576 MedReg (Accessed on 19 December 2017).
577 EC (Accessed on 19 March 2017).
578 EC; EC (Accessed on 17 December 2017).
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Member States’ (Art. 309 TFEU).580 Supposed to ‘contribute [ ] to European integration, development and cohesion by financing projects in support of EU policies’,581 it borrows money on
capital markets and lends it on favourable terms to eligible projects.582 In order to receive
funding, projects must meet 3 requirements: a) EU policy objectives, b) technical criteria and c) added value (Interview EIB, 2017), whereby consistency plays a major role. In fact, projects must be consistent with the EU’s wider regional approach towards the corresponding region,583
as well as with the target region’s own strategy and technical operational guidelines.584 Overall,
the EIB is the world’s largest multilateral borrower and lender and often one of the most important funders of projects, both within and outside of the EU, where it is supposed to contribute to the implementation of the European Neighbourhood Policy (ENP). It operates worldwide and has a presence in 150 countries, where it works with a wide range of actors such as national governments, public investors, private industries and civil society.585 However, the
bank’s working focus clearly is on Europe – indeed, in 2016, 90% of the projects financed were located in Europe and only 10% outside of Europe, with infrastructure development constituting an extremely important pillar (Interview EIB, 2017).586 In 2017, around 14.6% of the bank’s
lending capacity was devoted to the energy sector,587 whereby the focus lay on energy efficiency,
renewable energy, energy networks, research and innovation, as well as the transition to a low- carbon global economy.588 The overall aim is the promotion of secure, competitive and
sustainable energy, as well as the fight against climate change589 which, in recent years, has
become a key priority.590
The EIB’s green working focus also applies to the Mediterranean591 where the bank has been an
early supporter of energy initiatives addressing regional environmental and climate issues.592
Already in 2002, the EIB created the Facility for Euro-Mediterranean Investment and Partnership (FEMIP) which aiming at opening-up the Mediterranean economies, soon developed into the bank’s financial arm in the Mediterranean countries and contributed for example significantly to the financing of the MSP.593 Indeed, as noted by Tagliapietra (2016:181), ‘FEMIP brings together the whole range of services provided by the EIB to assist the economic development and the integration of SEMCs, with the aim to accompany the region along a path of sustainable and socially-inclusive development.’ Here, the bank also manages the FEMIP Trust Fund (FFT),
580 EIB (Accessed on 11 February 2018).
581 EC (Accessed on 26 August 2017).
582 Lending accounts for about 90% of the bank’s total financial commitment, whereas the remaining 10% are covered by other
services such as technical assistance (advising) or a combination with other investments from public and private partners (blending).
583 Therefore, Decision No 1080/2011/EU lays out several general objectives to be followed across all regions and countries (i.e.
social and economic infrastructure, climate change mitigation and adaptation or local private sector development). Nevertheless, and despite these restrictions, the Investment Bank is rather independent in the choice of the projects it wants to support, at least what concerns financial and technical considerations. EIB (Accessed on 27 August 2017).
584 Overall, the bank’s external action is supported by Council decision 2006/1016/EC, granting it a Community guarantee against
losses under loans and loan guarantees outside the Community. Eurlex (Accessed on 24 August 2019).
585 EC (Accessed on 26 August 2017).
586 EU (Accessed on 27 August 2017).
587 EIB (Accessed on 21 November 2018).
588 EIB (Accessed on 03 December 2017).
589 EIB (Accessed on 26 August 2017).
590 Indeed, in the context of the COP21, the bank increased the proportion of its climate-related lending in developing countries from
25% to 35%.EIB (Accessed on 27 August 2017).
591 Overall, the EIB has intensified its activities in the southern Mediterranean in recent years, reflecting EU action in the context of
the Arab Spring (UJVARI, 2017:10).
592 EIB (Accessed on 03 December 2017).
593 In fact, since 2008, EIB support has also been channeled through the Union for the Mediterranean (UfM), with which the bank
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which set up in 2004,594 serves to carry out climate actions through Climate Action in the Middle
East and North Africa (CAMENA).595 However, the EIB has also financed energy projects related
to fossil fuels in North Africa.596 Indeed, from 1956 until 2017, 61% of its loans (in financial
terms) into this region went to natural gas and LNG projects, and only 7% to renewable energy (including hydro) initiatives.597 Under the EIB’s new guidelines, this is however expected to
change, with evidence for this assumption being given by the fact that at the COP22 in Marrakesh, the bank announced plans to strengthen its support for the Green for Growth Fund (GGF).598 Initially initiated by the EIB and the KfW, the GGF seeks to promote renewable energy
and energy efficiency initiatives, amongst other things, across North Africa, as well as Lebanon, Jordan and the Palestinian Territories.599
As regards Morocco, where the EIB first became active in 1979 and has had its own office since 2005,600 projects worth € 400 million per year are financed with energy-related projects
accounting for around 20% of this sum (Interview EIB, 2017), whereby the bank mainly operates through co-financing601 and primarily supports projects in the fields of energy
infrastructure, renewable energy sources and energy efficiency (see Table 5). Indeed, apart from the Maghreb-Europe pipeline, the EIB supports for example the Ouarzazate project and having contributed to its first phase, NOOR I – for which it was the lead financial institution – with a € 100 million loan, it is also committed to contribute to the second phase NOOR II (€ 100 million) & III (€ 82.1 million). In this context, and overall, the EIB is bound by EU policies, a provision that also includes the Union’s position on the Sahara question and explains why the bank decided to take a rather neutral stance in the conflict and refrains from investing in projects located in this region.602
594 In 2015 and 2016, respectively 43% and 3% of the loans signed with the southern neighbourhood targeted the energy sector. EIB
(Accessed on 03 December 2017); EIB, EIB (Accessed on 05 December 2017).
595 EIB (Accessed on 03 December 2017).
596 comprising Morocco, Algeria, Tunisia and Egypt.
597 EIB (Accessed on 27 August 2017).
598 EIB; EIB (Accessed on 27 August 2017).
599 GGF (Accessed on 27 August 2017).
600 EIB (Accessed on 26 August 2017).
601 It generally accounts for one third or the costs of a project. EC (Accessed on 26 August 2017).
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Table 5: Investments and loans granted to Morocco by the EIB from 1956 until 2018 Investments and loans granted to Morocco by the EIB from 1956 until 2018
Loan amount (in€)
Green for Growth Fund III Signed Renewables 18/07/2018 250.000
OUARZAZATE III (TOWER) Signed Renewables 16/11/2016 32.100.000
OUARZAZATE II (PARABOLIC) Signed Renewables 22/12/2014 100.000.000
OUARZAZATE III (TOWER) Signed Renewables 22/12/2014 50.000.000
ONEE - PROJET EOLIEN Signed Renewables 30/12/2013 200.000.000
ONEE - RESEAUX ELECTRIQUES III Signed Electricity 14/12/2012 180.000.000
CENTRALE SOLAIRE DE OUARZAZATE Signed Renewables 19/11/2012 100.000.000
ONE -RESEAUX ELECTRIQUES II Signed Electricity 12/05/2008 170.000.000
ONE PROJETS HYDROELECTRIQUES II Signed Hydro 27/12/2007 150.000.000
ONE ELECTRIFICATION RURALE II Signed Electricity 14/12/2006 170.000.000
ONE PARC EOLIEN DE TANGER Signed Renewables 11/04/2004 80.000.000
ONE DEPOLLUTION CENTRALE MOHAMMEDIA Signed Electricity 11/04/2004 40.000.000
ONE INTERCONNEXIONS II Signed Electricity 16/10/2002 120.000.000
ONE CENTRALE POMPAGE AFOURER Signed Energy 16/07/2001 90.000.000
PARC EOLIEN DE TETOUAN Signed Renewables 05/11/1998 20.000.000
ONE - TRANSPORT D'ELECTRICITE Signed Electricity 23/04/1998 75.000.000
MAGHREB-SPAIN GASLINE MOR. SECTION Signed Natural gas 22/12/1995 94.048.404
MAGHREB-SPAIN GASLINE MOR. SECTION Signed Natural gas 22/12/1995 95.565.314
MAGHREB-SPAIN GASLINE MOR. SECTION Signed Natural gas 10/05/1994 161.160.354
LIAISON ELECTRIQUE MAROC-ESPAGNE Signed Electricity 21/06/1994 80.000.000
ONE - RENFORCEMENT RESEAU ELECTRIQUE Signed Electricity 15/06/1993 60.000.000
ELECTRIFICATION RURALE Signed Electricity 22/06/1989 30.000.000
COMPL. HYDRO-ELECTRIQUE AIT CHOUARIT B Signed Hydro 18/07/1984 34.000.000
Total 2.082.124.072
Name Status Field Date
Source: Own elaboration from EIB (Accessed on 21 November 2018).
The European Bank for Reconstruction and Development or EBRD in short is a multilateral development bank headquartered in London whose aim is to ‘[…] develop open and sustainable market economies in countries committed to, and applying, democratic principles’.603 Despite
being partly owned by the EU, the EU member states and the EIB which together account for a combined share of 62.8% in the bank’s total capital,604 the EBRD is contrary to the EIB, not an EU
institution, however, it has considerable impact on EU policies (MCCORMICK, 2015:229). Set up in the context of the political turmoil of 1991, its initial mission was to support the transition processes in Central and Eastern Europe,605 by contrast, its geographical mandate was only
extended to Southern Europe in 2011 in the aftermath of the Arab Spring.606 Its main activity
being financial investment, comprising loans, equity investment and guarantees,607 the bank also
offers advisory services such as capacity building and technical assistanc and also engages in policy dialogue,608 an area in which it strongly relies on the EU though.609 Generally, it funds up
to 35% of the total cost for a greenfield project,610 which means that project investments are
usually carried out in cooperation with commercial partners, a context in which it principally
603 EBRD (Accessed on 13 February 2018).
604 The EU and the EIB each hold a 3.05% share. Overall, 66 countries have a share in the EBRD. The biggest single shareholder is the
US. EC (Accessed on 06 December 2017); EBRD (Accessed on 11 February 2018).
605 where, as of today, it is the single largest investor EBRD (Accessed on 07 December 2017); (MCCORMICK, 2015:229).
606 EBRD (Accessed on 06 December 2017).
607 EIB (Accessed on 05 December 2017).
608 EBRD (Accessed on 05 December 2017).
609 EBRD (Accessed on 05 December 2017).
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serves as leverage for the mobilisation of foreign capital, with investments primarily going into the private sector (BRONSTONE, 1999:28; MCCORMICK, 2015:229).611 Its working focus is
multi-sectoral, with its project portfolio spanning a wide range of different topics, from agribusiness to transport,612 whereby there is a strong focus613 on the energy sector614 which
accounted for 23% of the bank’s total financing in 2016.615 Whilst the southern and eastern
Mediterranean accounted for 13% of the sum,616 Morocco made up for around 26% of this
share.617
A country of operations since 2012, Morocco is a crucial partner to the EBRD in the Euro- Mediterranean basin618 and home to three of the bank’s permanent offices. Whilst the first office
was opened in Casablanca in 2015, the second one was opened in September 2017 in Tangier619
and the third one in December 2019 in Agadir,620 reflecting the bank’s attempts to increase its
outreach in the country. All in all, the EBRD has invested in more than 44 projects in Morocco at a cost of more than € 1.6 billion since 2012,621 whereby around 12% (or 148 million) of this sum
went to Morocco’s power and energy sectors, with a clear focus on sustainable energy622 as
Table 6 shows. In fact, one priority in Morocco is to support the country’s efforts to reform its energy sector and its sustainable energy strategy, a context in which the bank notably seeks to contribute to the development of the regulatory and institutional frameworks of the Moroccan and energy and electricity markets and notably engages with ONE.623 As regards funding of
related projects, an important financing mechanism is the Morocco Sustainable Energy Financing Facility (MorSEFF) which, developed by the EBRD and co-financed by the EIB, the AFD and the KfW, is a credit line of € 110 million dedicated to Moroccan private companies active in the fields of energy efficiency and small-scale renewable energy investments. Funding is available in different forms, including grants and leasing, whereby the facility provides an investment subsidy of 10%, as well as technical assistance.624 So far, MorSEFF has allowed for
the financing of renewables projects worth around € 3 million.625
611 EC (Accessed on 06 December 2017).
612 EBRD (Accessed on 13 February 2018).
613 Further, the European Bank for Reconstruction and Development (EBRD) is currently in the process of developing a new energy
sector strategy. See Energy Strategy 2013 and Sustainable Energy Initiative; EBRD (Accessed on 22 November 2018).
614 In total, since its creation in the 1990s, the latter has financed 265 projects or the equivalent of around € 11 million related to
energy. EIB (Accessed on 05 December 2017).
615 EC (Accessed on 06 December 2017).
616 EBRD (Accessed on 05 December 2017).
617 as of 2015.
618 Morocco was for example one of the few North African founding members (together with Egypt and Tunisia).EBRD (Accessed on
08 December 2019).
619 given the promising economic potential of the the Tangier-Tétouan-Al Hoceima region (notably because of the port of Tangier).
EBRD (Accessed on 17 February 2018).
620 EBRD (Accessed on 08 December 2019).
621 EBRD (Accessed on 17 February 2018).
622 EBRD (Accessed on 15 February 2018).
623 EBRD (Accessed on 08 December 2019).
624 Moroccan partner banks are BMCE Bank and Banque Populaire. MORSEFF (Accessed on 17 December 2018).
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Table 6: Investments and loans granted to Morocco by the EBRD from 2012 until 2016
Loan Amount (in €)
KHALLADI WIND FARM Signed Renewables 15/09/2015 52.557.671
ONEE Hydro Rehabilitation Signed Hydro 29/07/2015 35.000.000
ONE - RURAL ELECTRIFICATION AND SMART METERING Signed Electricity 05/09/2012 60.000.000
Total 147 557 671
Investments and loans granted to Morocco by the EBRD from 2012 until 2016
Name Status Field Date
Source: Own elaboration from EBRD.