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Join on Telegram Rabat – Spain is expected to announce a €800 million credit line as part of its commitment to boosting cooperation and investment in Morocco.
Bloomberg reported on Wednesday that Spain’s Prime Minister is set to make the announcement today during the Spain-Morocco High-Level meeting, which will take place in Rabat from February 1-2
“Sanchez is due to sign the credit line and 20 agreements that range from developing renewable energy to building water desalination plants and infrastructure Thursday,” the report indicated.
It recalled that the decision to boost relations between Madrid and Rabat comes as Morocco’s relations with France “remain tense.”
Although France denies there is a political crisis between the two countries, observers have questioned whether Rabat still sees Paris as a reliable, strategic ally.
Lahcen Haddad, the President of the Moroccan-European Union joint parliamentary committee, said recently that some politicians in France are “annoyed” at Morocco’s diplomatic and security gains.
Haddad also accused the French political establishment of being behind the European Parliament’s recent hostile resolution.
Adopted on January 19, the resolution accused Morocco of “harassing” and “intimidating” journalists, activists, and diaspora members.
By contrast, relations between Morocco and Spain have blossomed in recent months, reaching a turning point in March of last year after the Spanish government endorsed Morocco’s Autonomy Plan as the most serious and credible basis to end the dispute over Western Sahra.
Pedro Sanchez visited Morocco the following month, formalizing the two countries’ newfound strategic partnership.
Under the newfound bilateral phase, Spain and Morocco are now determined to continue boosting cooperation at all levels – including trade.
In particular, Spain is satisfied with Morocco’s contribution to fighting irregular migration.
“Of all the migratory routes to Europe, the only one that has diminished is that from Morocco to Spain,” he said in January.
He also emphasized the importance of maintaining ties with Morocco not only for Spain but for the whole EU.
“It is in our interest to maintain the best relations, not only for Spain but also for the European Union,” Sanchez said during a debate in the Congress of Deputies, recalling that trade between Morocco and Spain spiked by 33% in 2022.
