The African Development Bank Group has approved $ 487 million funding for Morocco to help the country advance economic reforms, strengthen climate resilience and support more inclusive growth.
“Our ambition is to help cushion exogenous shocks, whether economic, energy-related or climate-related. It is also to consolidate the structural reforms necessary to sustainably strengthen the resilience of the Moroccan economy and to promote private investment,” said Abdoulaye Coulibaly, Director for Governance and Economic Reforms at the African Development Bank Group.
The funding is part of the Bank Group’s strategic vision and aligns with the Kingdom’s strategic priorities of accelerating the transformation of the economy and sustainably strengthening its resilience.
“Morocco has chosen to take action by continuing its reforms despite external shocks. Our aim is to support this vital momentum to accelerate the transformation of the economy, sustain growth and create more jobs,” said Achraf Tarsim, the Bank Group’s Country Manager in Morocco.
The AfDB funding will support the restructuring of the portfolio of public enterprises, the modernisation of the public-private partnership framework and the improvement of the business climate. The aim is to create the conditions for increased mobilisation of private investment, in particular by supporting small and medium-sized enterprises, innovation and integration into global value chains.
The Bank’s financial support will also back the Kingdom’s climate and energy resilience through the modernisation of water and electricity sector governance and better integration of climate issues into public policy. It will thus help to accelerate the low-carbon transition.
Since 1978, the African Development Bank Group has injected nearly €15 billion in more than 150 projects in Morocco, in key sectors such as transport, energy, water and sanitation, agriculture and social protection.