EBRD Unveils Strategy for Morocco's Inclusive and Sustainable Economic Growth

Thursday 28 March 2024 - 15:47

The European Bank for Reconstruction and Development (EBRD) has revealed an ambitious five-year strategy aimed at steering Morocco towards an inclusive, sustainable, and private sector-led economy. Covering the period from 2024 to 2029, this strategic roadmap signifies a significant moment in the EBRD's partnership with Morocco, aligning targeted investments and policy dialogues to drive economic prosperity while prioritizing environmental sustainability.

In an official press release, Antoine Sallé de Chou, the EBRD Director for Morocco, hailed the adoption of this strategy as a pivotal milestone. "This new strategy marks a crucial milestone for both the EBRD and Morocco. It will provide a guiding framework for our investments and policy engagements, advancing the agenda of inclusive and sustainable economic development," he declared.

Developed in close collaboration with Moroccan authorities, this roadmap underscores the EBRD's dedication to supporting Morocco's transition into a privately-invested economy, a fundamental aspect of its broader development vision. Sallé de Chou stressed, "We will also facilitate deeper regional integration and bolster Morocco's role as a gateway to Africa." The EBRD's support will extend to restructuring state-owned enterprises and fostering public-private partnerships.

A central tenet of the strategy is ensuring the equitable distribution of economic benefits. The bank will prioritize women and youth entrepreneurship by enhancing access to finance and business guidance. Moreover, the strategy aims to address skill gaps and reduce regional disparities, with particular attention to revitalizing critical infrastructure and economic prospects in regions affected by the September 2023 earthquake.

Acknowledging Morocco's strides towards a green economy, the EBRD will aid in the country's transition by exploring investments in water conservation projects and advocating for sustainable water management practices. This collaboration will also encompass Morocco's shift towards renewable energy and measures to mitigate the effects of climate change.

The development of this new strategy incorporates input from shareholders, Moroccan authorities, the private sector, and civil society, reflecting the EBRD's commitment to a collaborative approach. This builds upon the previous strategy period, during which the EBRD invested €1.6 billion in Morocco, with a focus on unlocking entrepreneurial potential, enhancing infrastructure, developing capital markets, and ensuring the sustainability of public services.