Morocco and AfDB Strengthen Partnership for Sustainable Growth

Friday 06 December 2024 - 09:25

By: Dakir Madiha

Morocco and AfDB Strengthen Partnership for Sustainable Growth

Morocco and the African Development Bank (AfDB) are further solidifying their economic collaboration through strategic investments targeting infrastructure, agriculture, and large-scale projects related to the 2030 World Cup. This strengthened partnership was highlighted during a meeting in Rabat between Morocco’s Head of Government, Aziz Akhannouch, and AfDB President Akinwumi Adesina, with Finance Minister Nadia Fettah also in attendance.

Adesina lauded Morocco's progress under King Mohammed VI, describing the country as a rising force on the global stage and a leader in Africa. He also acknowledged Morocco's pivotal role in hosting the Africa Investment Forum, which drew significant attention from international stakeholders. In return, Akhannouch emphasized the importance of continued cooperation, noting that Morocco's transformation requires comprehensive support.

The AfDB reaffirmed its commitment to assist Morocco in preparing for the 2030 World Cup, with funding earmarked for the expansion and development of key infrastructure, including railways and airports. This announcement comes after the AfDB has already invested $3.6 billion in Morocco, with an additional $1.5 billion slated for various mega projects in sectors like infrastructure, finance, and beyond.

Further solidifying the partnership, the AfDB and Bank of Africa (BOA) signed a €50 million agreement at the Africa Investment Forum, which runs through December 6. The deal will help support private enterprises and trade across Africa, with a particular focus on key sectors such as agriculture, transport, and telecommunications. According to Ahmed Rashad Attout from the AfDB, the partnership aims to drive €200 million in trade, benefitting small and medium-sized enterprises across 20 African nations.

Khalid Nasr, a representative from BOA, hailed the agreement as a pivotal step in boosting African trade, emphasizing the potential for businesses to reach new heights with the right support. The Africa Investment Forum serves as a platform to attract investments and drive transformative growth across the continent, presenting a brighter future for African nations.

The continued collaboration between Morocco and the AfDB highlights a shared vision for fostering sustainable economic growth and development in Africa, with significant benefits for local businesses and the broader regional economy.