The African Development Bank (AfDB) has approved $487 million in financing for Morocco to accelerate economic reforms, strengthen private investment and improve resilience to climate and energy shocks.
Approved Wednesday in Abidjan, the funding supports the third phase of the Economic Governance and Climate Change Resilience Support Programme, targeting state-owned enterprise restructuring, public-private partnerships and improvements to the business environment.
The financing will also support small and medium-sized businesses, innovation and reforms to water and electricity governance as Morocco seeks to reduce its vulnerability to external shocks.
“Our ambition is to help cushion external shocks, whether economic, energy-related or climatic,” said Abdoulaye Coulibaly, the bank’s director of governance and economic reforms.
The operation comes amid rising energy and transport costs linked to the Middle East conflict.
Since 1978, the AfDB has mobilized nearly €15 billion for more than 150 projects in Morocco.
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