Rabat – The African Development Bank (AfDB) will give more than $1 billion to Morocco to help its economic recovery from the coronavirus crisis over the next two years.
The budget aims to support Morocco’s key sectors, including water, agriculture, social inclusion, human development, and infrastructure, Vice President of AfDB in charge of Agriculture and Human and Social Development Beth Dunford said at the end of a working visit in Morocco on Tuesday.
During her visit to Morocco, Funford held several meetings with senior Moroccan officials, a statement from AfDB said on Tuesday.
The meetings served as an opportunity to discuss different aspects of the partnership, the statement added.
“With Morocco, we have been linked by a historic partnership for more than half a century,” Dunford said.
She added that the bank has mobilized $12 billion for more than 170 operations in Morocco as part of the partnership between the two parties.
Read also: AfDB to Support Entrepreneurship in Morocco With €120 Million Grant
Moroccan officials have also renewed their commitment to preserving cooperation with the bank.
“Our relationship with the African Development Bank is particularly important. We want to strengthen our partnership to develop strategic infrastructure and accelerate the dynamics of economic and social development in Morocco,” Moroccan Minister of Equipment and Water Nizar Baraka said.
Mohammed Sadiki, Minister of Agriculture and Fisheries also welcomed the partnership with the bank, saying that the collaboration between the two parties has contributed to the development of the agricultural sector.
For his part, Minister Delegate in charge of Minister Delegate to the Ministry of Finance Fouzi Lekjaa emphasized the importance of AfDB’s “constant” support for Morocco, helping the country in implementing essential structural reforms.
All of the three Moroccan officials held meetings with Dunford, the AfDB statement said.
Talks between Moroccan officials and Dunford also covered a shared commitment to support more sustainable and efficient water management to tackle drought.
Like many countries across the world, Morocco has been experiencing drought impacts and a water crisis due to a lack of rainfall.
To tackle the challenges, Morocco introduced in February a $1 billion program to mitigate the crisis on farmers and breeders, as well as on agriculture productivity.
The World Bank also loaned Morocco $180 million to assist the country’s agricultural resilience.
