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Morocco, AfDB Cement Partnership with $800 Million Boost in 2023

Rabat – Morocco and the African Development Bank (AfDB) have reached new heights in 2023 with $800 million in funding for crucial projects, the AfDB representative told MAP in an interview.

Achraf Tarsim, the AfDB’s resident representative in Morocco, enthusiastically declared, “This exemplary cooperation, rich in history, dynamism, and vitality, has yielded nearly 190 successful operations across a variety of strategic sectors.”

“Morocco serves as an inspirational example, proving that ambition, determination, and resourcefulness can pave the way to true emergence,” stated Tarsim.

He lauded Morocco’s remarkable progress in solidifying its attractiveness, consolidating resilience, and confirming its emergence, citing the “vision, leadership, and action defined by His Majesty King Mohammed VI” as key drivers.

The partnership between Morocco and the AfDB is one of the most significant in Africa. The AfDB is Morocco’s largest development partner, with a portfolio of over $4 billion in operations.

Highlighting the year’s achievements, Tarsim pointed to the recent approval of a $246 million package for the Guercif-Nador highway construction. This project aligns with Morocco’s infrastructure development focus, aiming to further enhance the Kingdom’s logistical competitiveness and attractiveness.

“In 2023, we actively supported His Majesty King Mohammed VI’s strategic objective of strengthening the social safety net,” Tarsim affirmed.

He emphasized the AfDB’s $270 million contribution to two vital initiatives: expanding social protection coverage and developing new healthcare infrastructure.

Further underscoring the fruitful collaboration, Tarsim mentioned the partnership with the Office Chérifien des Phosphates (OCP) that secured $180 million for constructing three modular seawater desalination plants with a combined annual capacity of 110 million cubic meters, powered entirely by renewable energy.

“Just two months after the earthquake impacted several Moroccan provinces, the Bank hosted the Africa Investment Forum (AIF) in Marrakech, reaffirming its support for several flagship Moroccan projects, including those spearheaded by the Mohammed VI Fund, the construction of the Morocco-Nigeria gas pipeline, Royal Air Maroc’s fleet expansion, and the strategic Nador West Med project,” Tarsim elaborated.

In collaboration with the Moroccan Ministry of Economy and Finance, the AfDB unveiled the results of a joint study titled “Entrepreneurial Profile of Morocco.”

This first-of-its-kind study on the continent identifies the sociodemographic characteristics and intrinsic capabilities of Moroccan entrepreneurs, pinpointing key constraints and support needs for business creation and development.

“These initiatives, projects, and studies are simply testaments to the strong and historical relationship we have cultivated with Morocco for over half a century,” Tarsim concluded, emphasizing the enduring partnership that continues to empower the North African country’s journey towards a brighter future.

Source: Morocco World News