Morocco provides the "conducive" environment to promote the mobilization of capital

The President of the African Development Bank (AfDB), Akinwumi Adesina, affirmed that Morocco provides the “conducive” environment to promote the mobilization of capital for the African continent.

“The Kingdom, through its system of governance, constitutes an enabling environment that will be able to promote the mobilization of resources and capital for Africa”said Akinwumi Adesina, on the sidelines of the 14th USA-Africa Business Summit which runs until July 22 in Marrakech.

Also, the President of the AfDB pointed out that Morocco was one of the first countries to support the creation of Africa50, a pan-African infrastructure investment platform.

And to maintain that the Kingdom is the host country of the headquarters of Africa50 and a major shareholder in two ways through the participation of the Moroccan State and that of Bank Al-Maghrib (BAM) in the capital of the platform.

At the same time, Akinwumi Adesina, described Morocco’s contribution to the African Development Fund (ADF) as “noble gesture”.

“I would like to thank His Majesty King Mohammed VI for this. Each contribution to the Fund will enable us to provide financing and grants on favorable terms to African countries facing emerging challenges and to contribute to the economic and social development of these countries.“, he argued.

Regarding the Morocco-AfDB partnership, Akinwumi Adesina, reported more than 170 operations in different sectors since 1978 and until the end of 2020, for a total of more than 11 billion US dollars.

In 2022, the AfDB and the Moroccan Ministry of Economy and Finance signed two loan agreements for a total of 91 million euros, intended to complete the financing of the airport extension and modernization projects. of Rabat-Salé and the construction of the Nador West Med port, he recalled.

And more recently, the AfDB’s Board of Directors approved financing of 87 million euros for the Support Program for the Generalization of Social Coverage in Morocco, with the primary objective of consolidating the foundations of a viable social protection program according to a regional approach to the development of social policies, which is more integrated and more inclusive.

“Given the growing importance of this project for the Kingdom, we believe that this program will contribute to extending social protection, in particular to early childhood, young people and self-employed workers, in addition to contributing to the improvement of the quality of human capital”noted the President of the AfDB.

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