El Crédit Agricole de Marruecos destina una ayuda de 6.000 millones de dirhams al sector agrícola

The banking group has decided to provide financial assistance of 6 billion dirhams to farmers and breeders affected by the severe drought that is hitting the Kingdom. Its activity is mainly focused on contributing to the socio-economic development of the rural world.

Crédit Agricole du Maroc presented a set of measures designed to contribute to the government's efforts to alleviate the effects of the lack of rainfall. Aziz Akhannouch, the country's chief executive, was present at the meeting.

Mohamed Sadiki, Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forestry, said that "the exceptional programme has begun to be implemented on the ground. The various tenders have been launched and all the administrative procedures have been speeded up", following all the provisions laid down by the monarch. 

Farmers and stockbreeders are the main beneficiaries of this aid package. The programme is made up of three strands. The first concerns the protection of animal and plant capital and the management of water shortages. The second concerns agricultural insurance, and the third focuses on alleviating the financial burdens of the sector's professionals.

MAP News, the Moroccan news agency, states that, with the first step, "7 million quintals of subsidised barley [...] and 400,000 tonnes of compound feed for dairy farmers" will be distributed. This is intended to counteract the negative effects of rising feed prices.

It also includes the recovery of certain hydraulic perimeters to maintain equipment and create employment opportunities through pipeline and well improvement works. Vaccination and treatment of livestock is another of the objectives that form part of this first phase.

The second axis focuses on the maintenance of arboriculture. The bank is going to offer financing to ensure the maintenance of the orchards. In addition, the workers will benefit from drought insurance "for an insured capital of 1.12 million dirhams". The aim of this joint effort between the government and Crédit Agricole is to reduce the consequences of rainfall shortages.

The third and last relates to alleviating the financial burdens on farmers and livestock breeders. It aims to reschedule debt and finance operations to supply the domestic wheat market. In addition, innovative investments will be made in irrigation systems.

To support professionals in this sector, the bank will establish a moratorium on debt repayments. In addition, for small farmers, it is going to implement "the postponement of loan maturities for one year, as well as the suspension of legal actions previously initiated".

For his part, Tariq Sijilmassi, Chairman of the Board of Directors of Crédit Agricole du Maroc (CAM), stressed that the 6 billion dirhams mobilised for the deployment of the programme are characterised by the fact that they are well adapted to the needs of the severe situation in the country. 

This aid is being launched at a time when Morocco is facing the worst drought in thirty years. The lack of rainfall coincides with low levels of water in the country's reservoirs and overexploitation of aquifers. The anticyclone crossing the Mediterranean is delaying the arrival of rainfall in the Maghreb country. 

The situation is so delicate in Morocco that King Mohammed VI ordered special prayers to be held in all the country's mosques to pray for rain to reach the country. The government has urged the leaders of the regions to activate rational water management measures.

Watering green spaces and cleaning streets with drinking water from rivers or underground reservoirs is prohibited. Several water tankers will distribute water to the most affected rural populations. This year's agricultural season is almost entirely lost and cereal crops are the most affected, which means an increase in cereal imports.