Development

Morocco to get $657m from African Development Bank

July 22, 2024, 10:28 AM

Morocco development bank — MAD1.28 billion has been allocated to developing a university to encourage digital entrepreneurship in Morocco’s growing young population

New digital university gets $130m
$218m for port highway project
Forestation drive gets $91m

Four financing agreements worth MAD6.45 billion ($657 million) and covering areas from forestation to a new university have been signed between Morocco and the African Development Bank.

The Guercif-Nador highway project, which will connect the new Nador West Med port to Morocco’s existing road network, will receive MAD2.14 billion in AfDB funding.

The highway is seen as important to the economic growth of the port complex, helping with trade with Morocco’s European neighbours, and making it quicker to transport agricultural goods.

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A total of MAD1.28 billion has been allocated to developing a university to encourage digital entrepreneurship in Morocco’s growing young population. MAD2.14 billion will go to regional development to encourage growth in local rural communities.

Morocco nears 2024 tourism target as numbers surge 14%

Another MAD898 million has been allocated to forestation, which is seen as a tool in Morocco’s fight against climate change and the drying out of the Sahel region south of the Sahara, and essential in carbon sequestration policies.

Fouzi Lekjaa, Morocco’s minister delegate to the Minister of Economy and Finance in charge of the budget, said that although the agreements cover different sections of the economy they were developed using a “participatory and integrated approach”.

Rather than focusing on one area, he said, the AfDB and the government looked at education, financing of industrial projects with promising deployment potential, infrastructure reinforcement, and forestry sector initiatives to preserve environmental balance.

In May the AfDB launched a $13 billion five-year strategic roadmap to support Morocco’s economic growth.

The AfDB, founded in 1964 by the Organisation of African Unity, the predecessor of the African Union, is based in Abidjan, Ivory Coast.

Ayoub Touati, a Moroccan independent political analyst, said: “The work of the AfDB has intensified in recent years, as it sees Morocco as a showcase model in Africa – it is one of the big four alongside Nigeria, South Africa and Egypt. So, it is a win-win situation.

“Of course they will have a financial profit, and it is a safe investment, a certain investment, as they are investing in a country that is developing its infrastructure and its social policy and at the same time will ensure a strong infrastructure and economy before the World Cup. That’s the main milestone now.”