AfDB approves $487 million for Morocco’s reforms
By the AFREEQUE newsroom, based on Le Matin
The African Development Bank approved $487 million in financing to support the third phase of Morocco’s programme on economic governance and climate resilience. The funding is intended to support structural reforms, private investment and adaptation to external shocks, according to AfDB official Abdoulaye Coulibaly.
The Board of Directors of the African Development Bank (AfDB) Group approved on Wednesday 21 October in Abidjan $487 million in financing for Morocco. The funding will finance the third phase of the Programme to Support the Strengthening of Economic Governance and Climate Resilience (PGRCC), according to the AfDB.
The programme will support the restructuring of state-owned enterprises, the modernisation of public-private partnerships and improvements to the business climate. It will also promote private investment, innovation and the integration of Moroccan small and medium-sized enterprises into global value chains, the AfDB said.
The financing comes as Morocco faces rising energy and transport costs as well as the effects of climate change. “Our ambition is to help cushion exogenous shocks, whether economic, energy-related or climate-related,” said Abdoulaye Coulibaly, director of the AfDB’s Governance and Economic Reforms Department.
The decision follows Morocco’s mobilisation of €347.3 million for its water policy, announced on 18 October. Morocco’s water policy is one of the recent measures intended to strengthen the country’s resilience to climate pressures.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
