Morocco has just secured substantial funding from the African Development Bank (AfDB). The two parties signed three agreements worth 345 million EUR (about 3.6 billion dirhams) during a ceremony in Rabat. This funding aims to promote economic governance, strengthen climate resilience, optimize water production, and develop the industrial zone of the Nador West Med port.
3 Agreements valued at 345 million EUR
104.7 million EUR for the digitization project
The second agreement, worth 104.7 million EUR, was signed by Tarik Hamane, General Manager of the National Office of Electricity and Drinking Water (ONEE), alongside Nnenna Nwabufo, Vice President of AfDB in charge of regional development, and Hicham Serghini, Director of Tamwilcom.
This amount will support the project of digitization, enhancement of production, and improvement of drinking water performance. It will secure water production and improve technical performance in various regions through digital processes.
120 million EUR for economic governance
The first of the three agreements were signed by Moroccan Minister of Economy and Finance, Nadia Fettah, and AfDB President, Akinwumi Adesina. This is a 120 million EUR envelope aimed at the Program to Support Economic Governance and Climate Resilience.
This program’s main objective is to implement significant reforms in economic and sectoral governance, particularly in the field of public enterprises.
120 million EUR for Morocco’s port infrastructure
The final agreement, valued at 120 million EUR, was signed by Jamal Benjelloun, General Manager of Nador West Med, AfDB’s North Africa General Manager, Mohamed El Azizi, and Hicham Serghini.
This funding will facilitate the development of the industrial zone of Nador West Med port, contributing to the strengthening of Morocco’s port infrastructure and promoting economic and social growth in the entire Oriental region.
Strategic partnership between Morocco and the AfDB
During the signing ceremony, Minister Fettah emphasized the importance of the strategic partnership between Morocco and the AfDB, reiterating the Kingdom’s commitment to addressing major challenges on the African continent. The AfDB values this collaboration and considers it an exemplary model for all countries on the continent.
The AfDB has been present in Morocco for over five decades, providing support in various sectors, including health, human development, water management, agriculture, energy, transport, and finance. The initiatives guaranteed by these agreements are not merely financial contributions; they represent fundamental steps toward Morocco’s strategic economic reform objectives.
Reaffirming his commitment to assist Morocco, Akinwumi Adesina highlighted that the Kingdom is one of AfDB’s main partners, with an active project portfolio comprising 37 projects totaling approximately 3.4 billion EUR in strategic sectors such as infrastructure, energy, water supply, sanitation, and the private sector.
Morocco : Model of sustainable development on the African continent
Overall, the recent financial agreements reflect Morocco’s proactive approach to restructuring its economic policy framework and effectively responding to climate change challenges. By investing heavily in infrastructure and water resource management, Morocco hopes not only to thrive economically, but also to set an example of sustainable development on the African continent.
Meanwhile, stakeholders and experts continue to monitor how effectively these funds are utilized and their broader impacts on Morocco’s long-term economic strategy. With the AfDB on Morocco’s side, the country seems well-positioned to face future challenges with renewed vigor.
