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Rabat – Makhtar Diop, the Managing Director of the International Finance Corporation (IFC), a subsidiary of the World Bank Group (WB), has commended Morocco for its crucial role in propelling development throughout Africa.
Diop’s remarks were made during the signing of investment agreements between IFC and Moroccan companies, underscoring the deep-rooted ties between Morocco and the rest of the continent.
The event took place as part of the Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech and was attended by numerous Moroccan and foreign dignitaries, including OCP Group CEO Mostafa Terrab and several ministers.
Speaking at the event, Diop highlighted the broader implications of the signed agreements, saying that they extend far beyond Morocco’s borders.
One of the agreements involves a $106 million loan to OCP Group, a global leader in phosphate-based fertilizers, to support its ambitious solar power plant program and the greening of global food systems.
“Developing agriculture through investments in fertilizers will be a pivotal component of this development,” Diop asserted, emphasizing the critical role of agriculture in fortifying African economies against macroeconomic challenges.
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In a gesture of appreciation for Morocco’s resilience and forward-thinking vision, Diop pledged IFC’s readiness to support Morocco’s post-earthquake reconstruction efforts, particularly in the aftermath of the Al Haouz earthquake.
Morocco’s Minister of Economy and Finance, Nadia Fettah Alaoui, expressed her enthusiasm for the signed agreements, totaling nearly $200 million, with an additional “contingency project aimed at managing the post-earthquake stage.” She emphasized the exceptional partnership between Morocco and IFC and the positive impact it will have on the country’s economic trajectory.
This collaboration signifies a significant leap forward, the minister pointed out, adding that the partnership is on track to reach a record amount of financing by 2023. She attributed this success to Morocco’s robust economy and dynamic reforms led by His Majesty King Mohammed VI.
“The strong partnership between Morocco and the IFC aligns with our goal of inclusive, equitable, and dynamic development,” stated Minister Alaoui, underscoring the government’s commitment to progress on all fronts.
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Leila Benali, Minister of Energy Transition and Sustainable Development, stressed the importance of confidence in the future. Reconstruction efforts will extend beyond the earthquake zone to encourage private sector investment in various sectors, she argued.
Ghali Sqalli, Director of Investment and Business Climate at the Ministry of Investment, Convergence, and Evaluation of Public Policies, commended Morocco’s resilience and solidarity in the wake of the September 8 earthquake.
He emphasized the country’s dedication to sustainable, long-term reconstruction and the creation of quality jobs for local populations, with investment as the cornerstone of this ambitious project.
