Rabat – The World Bank (WB) injected a record $1.8 billion into Morocco’s economy, according to the country’s Minister of Economy and Finance, Nadia Fettah.
Speaking at a meeting with the WB’s Director General of Operations, Axel Van Trotsenburg, and WB’s Vice President for the MENA region, Ferid Belhaj, Fettah said that Morocco shared “excellent” relations with the World Bank across several areas.
Morocco’s collaboration with the WB is promoting economic growth in the country, the minister explained.
During the meeting, Fettah highlighted major reform projects that Morocco is undertaking to launch and accelerate socioeconomic development and the country’s transition to a greener economy.
World Bank in Morocco 2022
In March 2022, the WB approved $180 million in financing to support Morocco’s effort to transition to resilient and sustainable agriculture.
Named the Resilient and Sustainable Water in Agriculture (RESWAG), the project aimed to improve water management within the agricultural sector and enhance the quality of irrigation services as well as increase access to consulting services for irrigation technologies.
Three months later, the WB and Morocco partnered on a second project aiming to boost the country’s blue economy under a budget of $350 million. The funds went towards developing Morocco’s institutional frameworks, improving the management of natural resources, and strengthening climate-resilient for certain sectors within the blue economy.
In the second half of 2022, the WB approved two more projects for Morocco under a total budget of $750 million.
The first project worked to boost Morocco’s infrastructure and improve connectivity to enable private sector growth. The project enabled 500 kilometers of rural roads to be built, and supported the training of 5,000 young workers, with an emphasis on women and youth living in rural areas. Whereas, the second project aims to develop the country’s health infrastructure.
Read Also: Morocco’s Economic Growth Expected to Reach 3.1% in 2023
