The partnership is the first of its kind in Africa.
The first of its kind in Africa, the partnership is within the framework of CGEM’s strategy to develop south-south cooperation on the continent.
The partnership will be funded through the Technical Assistance Fund for Middle Income Countries (TAF-PRI).
Commenting on the partnership, representative of the AfDB in Morocco, Leila Farah Mokaddem, said that the role of Morocco’s private sector in the “African integration process is major.”
She also expressed satisfaction at signing the partnership with CEGEM to “strengthen South-South cooperation.”
“The bank welcomes this partnership and the quality of the relationship with CGEM.”
President of the Moroccan leading cooperation company, Salaheddine Mezouar, emphasized the importance of the agreement as it will assist Moroccan small and medium enterprises.
He also emphasized the importance of the private sector in reinforcing the industrialization of Africa.
Morocco is the second largest African investor in the continent, concentrating nearly 80 percent of its Foreign direct Investment in Africa over the 2013-2017 period for a global value of nearly $3.7 billion.
Active since 1970, AfDB, funded the first Moroccan project in 1978 inthe drinking water and sanitation sector.
“Between 1978 and the end of 2017, more than 160 operations in different sectors were approved by the Bank, for a total o $ 10 billion,” AfDB said.