Rabat – A delegation of the US International Development Finance Corporation (DFC) is on a visit to Morocco to explore investment opportunities in different regions across the country.
Led by Andrew Hescovitz, the DFC Chief Development Officer, the delegation held a meeting in Marrakech on Tuesday with Mohcine Jazouli, Morocco’s Minister Delegate for Investment, to discuss the progress of an agreement Morocco and the DFC signed in 2020.
Under the Memorandum of Understanding (MoU), the DFC pledged to invest $3 billion for projects in Morocco over the next four years, as well as co-invest with Moroccan partners for projects in Sub-Saharan Africa.
With an aim of promoting Morocco as an investment destination for American investors, the meeting also sought to strengthen the US’ initiatives and investments in other African countries.
During the meeting, Jazouli and the DFC delegation identified several areas of cooperation, particularly in terms of providing technical and financial support for private investment projects in Morocco and across Africa.
Created in 2020, the DFC focuses on promoting the American market and contributing to the economic growth of low-income and lower middle-income countries by mobilizing private capital to help solve critical development challenges.
With its forecasted GDP growth amounting to 3.2% in 2022, Morocco’s post-COVID economic recovery has been promising in recent months, allowing it to rank as Africa’s fifth best investment destination.
Morocco’s giant investment in mega infrastructure projects such as the Tangier Med and Dakhla’s flagship port further boost its ambitions of becoming a regional investment and manufacturing hub.
As part of its investment plans in Morocco, the DFC announced in 2021 a $100 million fund to support small and medium-sized businesses in the kingdom operating in the sectors of agriculture, healthcare, water, sanitation, and clean energy.
The fund mainly focuses on market opportunities with an eye on tackling endemic problems in the North African country that need innovative solutions driven by local entrepreneurs.
