Spanish Government denies plans to invest €45 billion in Morocco infrastructure after false reports

The Spanish government denied reports claiming that the European country has plans to invest €45 billion in Morocco, after confusion arose following Prime Minister Pedro Sánchez’ statements while in Rabat. 

During his media briefing following a meeting with King Mohammed VI in Rabat, Sánchez indicated that “Spain is establishing itself as a key investor in Morocco,” triggering speculation regarding the potential use of Spanish public funds for renovating Moroccan infrastructure.

Some media outlets interpreted his remarks as a pledge to invest €45 billion of public money in Moroccan infrastructure projects.

However, Óscar Puente, Minister of Transportation and Sustainable Mobility has dispelled this misunderstanding.

The € 45 billion figure, he clarifies, refers to a Moroccan initiative, not a Spanish one. 

Spain’s involvement would be limited to the participation of its companies in bidding for contracts associated with the investment plan.

“The one that is going to invest 45 billion in their infrastructure is Morocco, and the one that is bidding for those contracts are our companies,” explained Óscar Puente, Minister of Transportation and Sustainable Mobility.

The Moroccan government unveiled the investment plan in February 2023, aiming to modernize the country’s infrastructure by 2050. 

Encompassing various sectors like transportation, energy, and water resources, the plan opens doors for international collaboration on these projects.

This clarification comes as a welcome relief to many who expressed concerns about the potential impact of a € 45 billion investment on Spain’s public finances. 

The extent of Spanish company involvement in the Moroccan plan, however, remains to be seen.

While on his visit to Morocco, Prime Minister Sánchez reiterated the significance of economic ties between Spain and Morocco, highlighting the potential for bilateral cooperation across diverse sectors, including infrastructure development.

Sánchez also convened with Aziz Akhannouch, the head of government, to discuss the organization of the 2030 World Cup and specifically address the infrastructure projects necessary in Morocco.