Friday, May 24, 2024
Friday, May 24, 2024
Home » Morocco, Africa Finance Corporation Partner to Boost Critical Financing for Local Institutions

Rabat – Morocco’s Ministry of Economy and Finance has signed a Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa to provide project development, structuring, and financing solutions for strategic sectors.

The sectors in question include renewable energy, transport, natural resources, heavy industries, and telecommunications.

According to a statement from AFC, The collaboration builds upon the country’s official membership in the AFC, which Morocco joined in 2021. 

The AFC would play a pivotal role in enhancing Morocco’s infrastructure and industrial base, the statement explains, adding that the improvements are essential to bolster the competitiveness of the domestic market and enhance the export capacity of Moroccan businesses.

The statement further explains that Morocco has been actively pursuing opportunities in sub-Saharan Africa over the past decade, demonstrating its commitment to economic development across the continent.

The partnership with AFC marks another significant step in realizing Morocco’s vision of fostering a vibrant economic region characterized by intra-African trade, job creation, political stability, and economic prosperity.

Morocco’s Minister of Economy and Finance Nadia Fettah said that the agreement “marks a major step in the cooperation between Morocco and the AFC” and confirms the country’s commitment to Africa’s development.

For her part, President and CEO of AFC Samaila Zubairu emphasized the organization’s dedication to driving economic growth and industrialization in Africa, aligning with Morocco’s domestic and regional growth priorities. 

Zubairu stated: “We look forward to partnering with key public and private sector stakeholders to invest in sustainable infrastructure projects that drive rapid progress in manufacturing, import substitution, and beneficiation of Africa’s abundant natural resources.”

AFC is already engaged in high-level discussions with several government entities in Morocco, including the Ministry of Transportation & Logistics, the National Railway Operator, the Airport Authority, and the Ministry of Energy Transition & Sustainable Development. 

Among the pipeline projects under consideration are the revitalization and enhancement of significant railway infrastructure, easing road congestion, and fostering cooperation in line with Morocco’s renewable energy strategy.

Source : MoroccoWorldNews

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