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A €100 million loan from the African Development Bank (ADB) for Morocco to fund new investment projects and sustainable infrastructure initiatives. This is to be spearheaded by the local authorities. Signed on Friday, this agreement marks a first-time partnership between the AfDB and the Communal Equipment Fund (FEC), a Moroccan institution dedicated to supporting local development.
The project gives thrust to strengthening and modernizing of public services, particularly in rural areas. This focus on underserved communities aims to stimulate economic activity, create jobs, and ultimately improve the living conditions of local populations.
Through investment in state-of-the-art infrastructure, the priority is to include territories and enhance their attractiveness to become real hubs of development and competitiveness, stated Achraf Hassan Tarsim, ADB country manager for Morocco.
The loan agreement aligns with Morocco’s ongoing decentralization efforts. By empowering local authorities, the project seeks to diversify the country’s production capacity and support growth across key sectors.
This strategy is expected to contribute to national and regional competitiveness, create employment opportunities for youth and women, and generate additional tax revenue for the government.
The project falls under the umbrella of the AfDB’s “High 5s” strategic priorities, which focus on areas crucial for Africa’s development: lighting up and powering Africa, feeding Africa, integrating Africa, industrializing Africa, and improving the quality of life for the people of Africa.
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As a founding member of the AfDB, Morocco has a long history of collaboration with the institution. The country is one of the top beneficiaries, having received over USD 12 billion in cumulative commitments across various sectors like energy, water, transportation, agriculture, finance, and social development. This €100 million loan signifies a continuation of the strong partnership between Morocco and the AfDB as the year 2023 has been considered ‘exceptional’ in the cooperation between Morocco and the African Development Bank.
