Morocco secures €344.7m in financing from AfDB

On Thursday in Rabat, Morocco and the African Development Bank (AfDB) signed three financing agreements totaling €344.7 million (over MAD 3.6 billion). The funds are aimed at supporting programs to strengthen economic governance, enhance resilience to climate change, optimize drinking water production, and develop the industrial zone at the Nador West Med port.

The first agreement, worth €120 million, was signed by Economy and Finance Minister Nadia Fettah and AfDB President Akinwumi Adesina. It is designated for the Economic Governance and Climate Change Resilience Support Program, which focuses on implementing major reforms in economic and sectoral governance, particularly in public enterprises.

The second agreement, for €104.7 million, was signed by the Director General of the Office National de l'Électricité et de l'Eau Potable (ONEE), Tarik Hamane, AfDB Vice President for Regional Development, Nnenna Nwabufo, and Tamwilcom Director Hicham Serghini. It will support the Digitization, Strengthening Production, and Improving Performance of Drinking Water Project, which aims to secure water production, improve technical performance across various regions, and digitize operational processes.

The third agreement, also valued at €120 million, was signed by Nador West Med Managing Director Jamal Benjelloun, AfDB Managing Director for North Africa Mohamed El Azizi, and Hicham Serghini. This funding is intended for the development of the Nador West Med port industrial zone, which aims to enhance Morocco's port infrastructure and drive economic and social growth in the Oriental region.

During the ceremony, Nadia Fettah emphasized the significance of the strategic partnership with the AfDB and reaffirmed Morocco’s commitment to addressing key issues on the African continent. «The AfDB values this collaboration and considers it an exemplary model for all countries on the continent», she noted.

The AfDB has been active in Morocco for over fifty years, supporting key sectors such as health, human development, water, agriculture, energy, transport, and finance.