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Rabat – Morocco and the African Development Bank (AfDB) are boosting their cooperation by signing three funding agreements worth a total of €344.7 million.
The funds are allocated towards supporting Moroccan economic governance and resilience to climate change, among other initiatives.
The agreements also aim to enhance potable water production as well as develop the industrial activity zone at the Nador West Med Port.
Minister of Economy Nadia Fettah Alaoui signed the first loan with the AfDB President, Akinwumi Adesina. The loan, which is worth €120 million, aims to finance the Strengthening Economic Governance and Climate Change Resilience Support Program (GRCCP).
The program’s objective is to boost the Moroccan economy and increase its resilience to climate change events among other challenges, in order for the country to achieve higher growth levels. The loan will help facilitate reforms in economic and sectoral governance in line with the reforms of public enterprises.
Alaoui remarked on the importance of the agreements post the signing, noting that the African bank values the collaboration and considers it an “exemplary model for all the countries of the continent.”
She added that this financing reflects Morocco’s credibility and is part of a development dynamic covering several strategic sectors, including water.
In this realm, a €104.7 million second agreement was signed towards implementing the Drinking Water Digitization, Production Enhancement And Performance Improvement Project (PDRAP).
This initiative aims to enhance the security of potable water production, as well as improve the technical performance and the digitization of these processes in various regions and urban areas of Morocco.
The third agreement, worth €129 million is designed to support the Nador West Med Port Business Park Development Project. This initiative works towards strengthening and diversifying Morocco’s port offering and consolidating its role as an industrial logistics platform while promoting the economic and social development of the oriental region.
It also supports the development of economic spaces and industrial and logistical units within the port.
In addition to its pledges to support Morocco’s socio-economic reforms, AfDB announced a financing package for €650 million to assist Morocco’s preparations for the 2030 World Cup – which the country will co-host with Spain and Portugal.
The project will finance the development of the country’s railway and airport infrastructure, boosting Rabat’s competitiveness in the region.
In 2024, the AfDB approved a financing of $1.5 billion.
