Morocco and the African Development Bank (AfDB) have signed three financing agreements totaling 344.7 million euros.
The agreements was signed on the sidelines of the African Investment Forum, Market Days 2024, ending on Friday in Rabat, Morocco.
The agreements aim to support economic governance, drinking water production, and the development of the Nador West Med port activity zone.
The first agreement, worth 120 million euros, will finance the Support Programme for Strengthening Economic Governance and Resilience to Climate Change.
The programme will enable major reforms in economic and sectoral governance, including an ongoing reform of public enterprises.
The second agreement, totaling 104.7 million euros, will implement the project for the digitalisation, strengthening of production, and improvement of the performance of drinking water.
This project will strengthen and secure drinking water production, improve technical performances, and support the digitalisation of processes.
The third agreement, worth 120 million euros, will support the Nador West Med Port Industrial Activity Zone Development Project.
This project will strengthen and diversify Morocco’s port offering, promote economic and social development in the Oriental region, and allow the development of economic spaces and industrial and logistics units within the port.
The signing ceremony was attended by the President of the African Development Bank Group, Akinwumi Adesina, and the Minister of Economy and Finance of Morocco, Nadia Fettah.
Also in attendance was the Vice President of the Bank Group, responsible for Regional Development, Integration and Business Delivery, Nnenna Nwabufo.
Others were Managing Director of the Bank Group for North Africa, Mohamed El Azizi, and the Head of the Bank’s Country Office for Morocco, Achraf Hassan Tarsim.
Also in attendance were CEO of Nador West Med SA, Mohamed Jamal Benjelloun, and the CEO of the National Office of Electricity and Drinking Water, Tarik Hammane.
The CEO of Tamwilcom, Hicham Zanati, and the administrator of the African Development Bank, Malika Dhif, also attended the ceremony.
Adesina noted that these agreements demonstrated the strong partnership between Morocco and the AfDB, which has been operating in the country for over 50 years.
The AfDB’s operations in Morocco cover key sectors such as health, human development, water, agriculture, energy, transport, and finance.
