The chairman of MASEN, Mustapha Bakkoury, and the president of the AFDB, Akinwumi Adesina, outlined the details of the program on Wednesday in Johannesburg.
The program’s objective is to promote renewable energy technologies “best suited to their natural conditions and specific energy needs” in Morocco.
The partnership was developed within the framework of the African Investment Forum, meeting now in Johannesburg. It will combine MASEN expertise in renewable energy with the AFDB’s background in capacity building, technical experience, and capital.
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“Sharing the experience developed by MASEN and setting in motion a process of competitive development of renewable energy on the African continent is to aim to make renewable energy a real lever for inclusive growth,” Bakkoury said.
He added that Morocco is one of the leading “examples” of renewable energy development in Africa.
Morocco’s Finance Minister Mohamed Benchaaboun and the president of the General Business Confederation of Morocco (CGEM) also attended the signing ceremony, highlighting the importance of the agreement.
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The deal signals the AFDB’s continued support of Morocco’s push towards renewable energy, with commitments of over $1 billion per year, 80 percent of which is focused on solar, wind, and hydropower.
Moroccan officials have previously stated they hope to increase the nation’s consumption of renewable energy to over 52 percent of total energy consumption by 2030.
