The African Development Bank (AfDB) Group and the Communal Infrastructure Fund (FEC) signed a second loan agreement on Wednesday in Rabat for €150 million to support investment initiatives by Moroccan local governments.
The ceremony also included the signing of a grant agreement and a letter of intent to establish a long-term strategic partnership between the two institutions, the AfDB stated in a press release.
A €150 million allocation will help the FEC to continue funding sustainable, inclusive, and resilient infrastructure projects, the press release noted.
This financial support will specifically aid the construction of access roads, drinking water networks, urban renewal projects, and educational and sociocultural facilities, the same source added.
The overall objective of this new initiative is to support the provision of public services at the local level, particularly in rural areas; improve people’s access to essential services; bolster resilience to climate change; and promote job creation and investment opportunities.
In addition to this funding, the AfDB will provide technical assistance to the FEC to reinforce its operational capacity.
Aligned with the Kingdom’s development priorities as well as the African Development Bank Group’s four Cornerstones, these operations will promote regions’ socioeconomic growth and improve the quality of life for local populations.
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