U.S. Development Finance Corporation Set to Boost Economic Ties with New Office in Rabat

Wednesday 23 October 2024 - 12:10

The U.S. International Development Finance Corporation (DFC) is set to establish a new office in Rabat, Morocco, in December 2024, marking a significant step in enhancing economic collaboration between the United States and Morocco. This initiative aligns with a broader strategy announced during a tripartite agreement in December 2020, which aims to mobilize an impressive $5 billion for economic development across Morocco and the African continent.

The DFC's CEO, Adam Boehler, emphasized the importance of this venture during his recent visit to Morocco, where he explored opportunities for private sector investment aimed at fostering economic growth. "I’m pleased to be back in Morocco to pursue investments that will increase economic opportunity, especially women’s economic empowerment," Boehler stated. This commitment reflects the DFC's dedication to strengthening its partnership with Morocco and advancing initiatives that support economic empowerment for women throughout North Africa.

In conjunction with the new office opening, the DFC has also announced a partnership with Small Enterprise Assistance Funds (SEAF) to create a $100 million fund targeting small and medium enterprises (SMEs) in key sectors such as agriculture, healthcare, and clean energy. This fund is expected to leverage local entrepreneurial talent to address pressing challenges within these industries. The DFC's approach includes applying a gender lens to investments through its 2X Gender Equality Scorecard, ensuring that women's participation is prioritized in economic development efforts.

Furthermore, this initiative builds on previous commitments made by the U.S. government, including a memorandum of understanding signed with Morocco that outlines plans for substantial financial and technical support for private investment projects. The DFC's efforts are part of a larger framework designed to enhance U.S. investment in Morocco and solidify its position as an economic hub within Africa.

As the DFC prepares to open its office in Rabat, it aims not only to facilitate access for American investors but also to foster collaborative projects that can drive sustainable growth across various sectors. With this strategic move, the DFC underscores its commitment to addressing critical challenges while promoting inclusive economic opportunities in Morocco and beyond.