· After the recent intergovernmental development cooperation negotiations, Germany has agreed to extend in financial support of €1.387 billion to help Morocco face the challenge of COVID-19 crisis.
· According to the statement from Morocco’s Ministry of Foreign Affairs, the support is expected to boost the national economy, and advance development initiatives.
After the recent intergovernmental development cooperation negotiations, Germany has agreed to extend in financial support of €1.387 billion to help Morocco face the challenge of COVID-19 crisis. According to the statement from Morocco’s Ministry of Foreign Affairs, the support is expected to boost the national economy, and advance development initiatives. The meetings between the two countries led by Morocco’s Minister of Foreign Affairs Nasser Bourita and his German counterpart Gerd Muller resulted in a financial aid budget for Morocco of €1.387 billion, of which €202.6 million is in the form of donations.
The budget will include €717 million for the National COVID-19 Fund and the Caisse Centrale de Garantie, and €250 to finance the first phase of Morocco’s “Partnership for Reforms” with Germany for the period 2020-2022. The balance of €420 million will support Morocco’s economic development projects, including sectors related to renewable energies and green hydrogen.
Morocco is placing a lot of emphasis on the renewable energy sector.A recent report from Morocco’s Economic, Social, and Environmental Council (CESE) projects that Morocco has the potential to produce 96% of its electricity by tapping renewable energy by 2050.
Germany has been a steady partner for Morocco. In July, both the countries signed three agreements worth €701.3 million to support development in Rabat covering renewable energy, water resource management, as well as sustainable economic development.
