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Economy

Fostering Sustainable Forestry: AfDB Injects Over 850 Million Dirhams into Morocco's Woodlands

Wednesday 29 May 2024 - 15:52

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The African Development Bank (AfDB) is poised to inject a substantial investment of more than 850 million dirhams (equivalent to 84 million euros) into Morocco's forestry sector. The Board of Directors of the AfDB Group has approved this financing as part of a project aimed at supporting the inclusive and sustainable development of forest areas in Morocco.

This ambitious project aims to contribute to strengthening the resilience of Morocco's economy in the face of climate change and to improve the water cycle. This was highlighted by the AfDB on the sidelines of its 2024 Annual Meetings, with the official opening ceremony taking place on Wednesday in Nairobi.

Targeting nearly 6.5 million people residing in rural areas across the regions of Rabat-Salé-Kenitra, Marrakech-Safi, Tangier-Tetouan-Al Hoceima, and Souss-Massa, the project encompasses four watersheds and four national parks. The objective is to support the emergence of a rural middle class through sustainable management of natural resources, inclusive promotion of forestry value chains, and the development of forestry and aquaculture entrepreneurship.

The operation will benefit cooperatives, inter-professional organizations, and small and medium-sized enterprises (SMEs) operating in the forestry and aquaculture sectors in the targeted regions, according to the same source. The AfDB highlights that the project will contribute to the realization of the ambitions outlined in Morocco's "Forests Strategy 2020-2030" through a series of actions.

These actions include the integrated development of four national parks, the promotion of biodiversity by reintroducing extinct or threatened wildlife species, and the restoration of eroded lands through biological treatment. Additionally, the project will support women and young entrepreneurs in the aquaculture and forestry sectors through financing, mentoring, and the establishment of three incubators.

Through this significant investment, the AfDB aims to foster sustainable forestry practices, promote environmental conservation, and empower rural communities, contributing to Morocco's efforts in addressing climate change and promoting inclusive economic growth.