AfDB Gives Morocco $2 Billion in Aid Over Next 2 Years

AfDB Gives Morocco $2 Billion in Aid Over Next 2 Years

Rabat – Morocco will receive USD 2 billion in aid from the African Development Bank (AfDB) over the next two years, said Khaled Sherif, Bank Vice President in charge of Regional Development, Regional Integration and Services, in Rabat on Friday.

On an official work visit to Morocco from January 29 to February 2, Sherif said, “We informed the Head of Government [Saad Eddine El Othmani] that AfDB will provide [USD] 2 billion in aid to Morocco over the next two years.”

Sherif’s announcements were voiced after he held talks with El Othmani, according to Maghreb Arab Press (MAP).

The Vice President of the bank also lauded the efforts undertaken by the Moroccan financial sectors and public institutions that contribute “effectively” to the success of the partnership programs.

The competence of the institutions, according to Sherif, is making the Moroccan model an example to be followed by the AfDB at the regional and continental levels.

The talks between El Othmani and Sherif were an opportunity to discuss a possible sharing of Morocco’s experience in several areas of development with Arab and African countries, as part of a Morocco-AfDB partnership.

This is Sherif’s first visit to Morocco since taking office on Nov.1, 2016, and aims to oversee projects underway in Morocco and strengthen cooperation between the African banking firm and the country.

In December 2017, AfDB’s approved a USD 265 million loan to Morocco to support two solar power plants, NOORM I and NOORM II. Together, they are projected to cost EUR 2.048 billion and yield a cumulative capacity of 800 megawatts.

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