Economy Minister stresses need to accelerate African cooperation and integration

Minister of Economy and Finance, Nadia Fettah, emphasized on Thursday in Marrakech the need to accelerate African cooperation and integration, which is a strategic choice based on an enlightened Royal vision of development.

“The imperative to accelerate cooperation and integration within our continent is crucial to us all (…) South-South cooperation must no longer remain a slogan, but must become an everyday reality,” she said at the opening of the High-Level Ministerial Meeting on Accelerating the Financing of African Emergence.

At this meeting, held on the sidelines of the 2023 Annual Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF), in the presence of some forty African Ministers of Economy and Finance, the Minister noted that the vision of pan-African cooperation had been elevated to the highest level by King Mohammed VI.

Fettah pointed out that the strengthening of economic cooperation has led to an increase in trade and investment flows between the Kingdom and the rest of Africa, where Morocco has become one of the leading investors.

This example of African cooperation, aimed at catalyzing private investment in critical infrastructure projects, illustrates the importance of infrastructure as a driving force for emergence, she added.

Fettah also highlighted the complexity of the issue of infrastructure financing, pointing out that “financing gaps in this sector in Africa range from $68 to $108 billion per year.”

To address this problem, the Minister advocated for a greater involvement of the private sector, calling for increased international cooperation and the use of innovative financing.

“By strategically using public-private partnerships, governments can unlock significant financial resources while meeting society’s essential needs,” she said.

According to her, financing infrastructure in Africa is not only a challenge but also an opportunity. “By investing in our infrastructure, we are investing in the future of our continent, as this will stimulate economic growth, create jobs, and improve the quality of life of our citizens,” she insisted.