Spread the love
Rabat – Morocco’s Ministry of Economy and the African Development Bank (AfDB) signed on Monday a grant agreement of nearly $1 million.
The grant seeks to help support Morocco’s efforts to improve its business climate. A related aim is to strengthen Morocco’s resilience in the face of COVID-19 economic crisis by accelerating the country’s post-pandemic recovery.
AfDB’s director general for North Africa, Mohamed El Aazizi, extolled the bank’s cooperation with Morocco, saying that maintaining the momentum of reforms that “improve the business climate in these times of crisis is a priority to protect entrepreneurship and preserve business growth.”
He added that the deal is also important as it comes at a time when Morocco is investing considerable efforts in achieving a “successful exit from the crisis.”
AfDB believes that the partnership will help boost the implementation of measures to improve the business environment in Morocco, prioritizing reform agenda in the economic and social fields.
The grant is part of the deepening Morocco-AfDB partnership.
The pan-African banking institution has long offered loans and grants to Morocco pre-COVID-19 and during the pandemic to help the country face many of its social and economic crises.
The bank provided more than €380 million to Morocco through the COVID-19 Response Support Program (PARC-19) and additional funding for the Social Protection Improvement Support Program (PAAPS-FA COVID-19).
AfDB’s commitment to helping Morocco is driven from the country’s membership in the institution, the bank has said.
The North African country was one of the founding members of the AfDB in 1964.
The Bank’s contributions to Morocco’s socio-economic reforms amount to more than €10 billion cumulatively.
The funds serve several sectors, including health, energy, water, transport, human development, agriculture and the financial sector.