Following its efforts to become an African hub of sustainable development, particularly in renewable energy, Morocco has obtained a total of €330.5 million in loans and grants from Germany to further develop the sector.
Rabat – Morocco has signed two financial cooperation arrangements with Germany to boost its economic activities in sustainable development.
The signing of the arrangements took place Tuesday in Rabat between Morocco’s Minister of Economy and Finance Mohamed Benchaaboun and the German ambassador to Morocco, Goetz Schmidt-Bremme.
According to Benchaaboun, the two agreements are intended to support renewable and electric energy, water supply, and desalination of seawater.
He also highlighted Morocco’s readiness to improve cooperation with Germany, while emphasizing Morocco’s willingness to sign more agreements.
The minister noted that Moroccan reforms will benefit from Germany’s support program, particularly in business climate and investment promotion, whether for small and medium-sized enterprises (SMEs) or start-ups.
Schmidt-Bremme said that the signing of the finance and credit arrangements are part of a strategic partnership to support Morocco’s renewable energy, water, and sustainable economy.
In December, Morocco was classified among developing countries that notably improved their renewable energies sector and policies since 2010. The survey was conducted based on data provided by the government from 2010 to 2017.
Morocco produces 28,000 gigawatt hours of electricity and imports the rest of its energy needs from Spain.
Morocco is seeking to boost its production capacity by 6,500 megawatts by 2020, with solar and wind energies each representing 2,000 megawatts, according to a US International Trade Administration 2017 report.