African Development Bank grants Morocco over USD 1 billion for economic relaunch

Beth Dunford, the Vice President of the African Development Bank Group in charge of agriculture, human and social development, confirms the bank’s allocation of over a billion US dollars in financing to support Morocco’s economic relaunch.

The VP made the announcement through a press release, issued Tuesday night, saying that the bank will be “standing with its first partner Morocco in the face of the COVID-19 crisis and widespread drought.”

The bank indicated that it will mobilize “a billion dollars in financing over the next two years to support Morocco in implementing its strategic plans for economic take-off and enhancing its ability to adapt to climate change and recover from the pandemic,” according to the bank’s statement.

Dunford added that the funding will be allocated to support the sectors of water, agriculture, social integration, human development, and infrastructure.

In the past two days, Rabat held discussions with the African Development Bank, reviewing the various aspects of the partnership, and strengthening the excellent relations existing between the Bank and Morocco, according to the statement, which culminated in this important financing.

“Our relationship with the African Development Bank is particularly important. We want to strengthen our partnership to develop strategic infrastructure and accelerate the dynamics of economic and social development in Morocco,” said Nizar Baraka, Minister of Equipment and Water.

Mohamed Sadiki, Minister of Agriculture and Maritime Fisheries also welcomed the “historic partnership” with the Bank, which has helped the national agricultural sector “evolve from a logic of productivity to one of high value-added processing.”

Faouzi Lekjaa, Minister Delegate in charge of the Budget, stated that “the valuable and constant support that the African Development Bank is providing to Morocco significant support for the implementation of essential structural reforms.”