The president of the council of the Fes-Meknes region Mohand Laensar, chaired, Thursday in Fez, a signing ceremony of a financing agreement worth 30 million US dollars with the International Finance Corporation (IFC), to develop the region’s road infrastructure and curb the spread of the novel coronavirus pandemic.
An amount of ten million dollars will be dedicated to financing operations related to the management of the Covid-19 pandemic, in particular the equipment of municipal hygiene offices at the level of prefectures and provinces of the Region, within the framework of special agreements, said the Region in a press release published at the end of this ceremony.
Twenty million US dollars will be allocated to the financing of road projects and works of art as part of the program relating to the reduction of territorial and social disparities in the rural world for 2020-2022, said the same source.
In a press statement, IFC director for Morocco, Tunisia and Algeria Xavier Reille welcomed the signing of this partnership agreement, stressing that the Fez-Meknes region has distinguished itself in its fight against the Covid-19 pandemic.
Recalling the importance of this agreement and another technical agreement to help the region finance its rural road program and help it in its health response against Covid-19, Reille noted that this is the second loan granted by IFC to a region without government guarantee.
This action shows that advanced regionalization is working and on the move, and regions such as Fez-Meknes are strong, solid and capable of mobilizing private commercial finance without guarantees from the State to be able to fund essential infrastructure for the needs of local populations, he said.
Laensar described the signing of this financing agreement as an essential step, recalling that the agreement concluded with IFC concerns two operations, namely roads in the rural world, and equipment for the benefit of prefectures and provinces for the fight against COVID-19.
This is the first loan concluded with an international institution without state guarantees, he said, adding that this means that foreign donors have confidence in local authorities without resorting to guarantees.
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