Morocco Secures a €100 Million Loan to Boost its Territories

Monday 18 March 2024 - 12:15

The Kingdom of Morocco has just forged an unprecedented partnership with the African Development Bank (AfDB). The latter has granted a €100 million loan to the Communal Equipment Fund (CEF), aimed at financing sustainable infrastructure projects under the auspices of local authorities. It's a breath of fresh air for rural areas in need of modernization.

Sealed on Friday, this agreement marks a turning point in the decentralization strategy advocated by the Kingdom. Indeed, the objective is to strengthen public services at the local level, particularly in remote regions. "Our priority is to integrate these territories and turn them into real hubs of development and competitiveness, thanks to cutting-edge infrastructure," said Achraf Hassan Tarsim, country director of the AfDB for Morocco.

On the agenda: diversification of the national productive fabric, stimulation of economic activity leading to job creation, especially for youth and women. Not to mention the improvement of the living environment for local populations. It's a win-win strategy that should also boost state tax revenues.

This initiative aligns with the AfDB's "High 5s", its strategic priorities aimed at powering Africa's transformation: Light up and power Africa, Feed Africa, Integrate Africa, Industrialize Africa, and Improve the quality of life for the people of Africa. For Morocco, a founding member of the pan-African institution, this €100 million loan reinforces decades of fruitful cooperation, totaling over $12 billion in cumulative commitments in various key sectors.