AfDB: More Than US$ 1.1 Billion for Morocco in 8 Months

“Morocco is a country with which we have had excellent relations for more than fifty years. With nearly 170 operations for a total commitment of more than $10 billion in various strategic sectors, Morocco is a key partner of the Bank. In the last eight months alone, five new operations have been launched for more than $1.1 billion in financing,” Ms. Mokaddem stressed in an exclusive interview with MAP.

The latest operation of € 264 million (M€) aims at helping the country in its health and economic response to the new Coronavirus (Covid-19) pandemic, she said.

She noted that through this operation, the AfDB is supporting the government’s efforts to strengthen the screening process and protect 4.3 million households in the informal sector and 800,000 employees affiliated to the National Social Security Fund (CNSS) from the effects of the crisis.

“Through these measures, we expect to preserve 75% of the jobs affected by the crisis,” the AfDB resident representative in Morocco said. She also indicated that the Bank Group will provide US$ 200 million to support the strengthening and expansion of social protection in Morocco.  She added: “This will help extend social security coverage to people with disabilities, vulnerable children and women. The aim is to increase the level of compulsory health insurance coverage from around 60% of the population in 2018 to over 80% in 2023. The importance of this is clear at this time of health crisis”.

Mrs Mokaddem also indicated that €245 million had been mobilized to finance the program for the development of electricity transmission networks and rural electrification. The goal is to connect more than 16,000 households in 720 villages across the kingdom to the electricity grid, adding that two new projects will further enhance the inclusive dimension of the Bank’s action in Morocco.

Accordingly, she indicated that US$ 220 million had been granted to the Kingdom to finance the program to support the industrial competitiveness of the regions, with the aim of developing the regions through new industrial infrastructure in order to strengthen the regions’ contribution to the national industrial acceleration process.

Also, €100 million has been released to the Municipal Capital Fund to set up new industrial activities and improve the quality of public services in rural areas, Mrs Mokaddem noted. In terms of the results of these investments, the AfDB representative in Morocco noted that between 2008 and 2018, 3.5 million people had improved access to drinking water and sanitation, and 8.5 million people (including more than 4 million women) benefited from better health services.

In the strategically important energy sector, nearly 7 million people were connected to the electricity grid, she said, noting that 16 million people had improved access to transport infrastructure.

“It is a source of pride for the Bank to mention these results because, in the end, we have been able to contribute further to improving the living conditions of millions of Moroccans,” Ms. Mokaddem concluded.

Be the first to comment

Leave a Reply

Your email address will not be published.