Banking & Finance

Morocco signs $280m deals with African Development Bank

October 25, 2023

Morocco African Development Bank (AfDB) funds will go to earthquake relief — Rebuilding efforts in Marrakesh. Some of the AfDB funding will go towards aid reponse to the September earthquake

Three deals worth MAD2.9bn
For healthcare, social security, earthquake relief
‘Bright future’ for partnership

Morocco has signed three agreements with the African Development Bank (AfDB) worth more than MAD2.9 billion ($280 million).

The deals will improve access to healthcare, support increased social security coverage and provide emergency help in the wake of September’s devastating earthquake in Al Haouz, according to an announcement by the government.

The first agreement, worth around MAD1.3 billion, will finance Morocco’s inclusive access to health infrastructure program.

The second agreement, for around MAD1.6 billion, will support the country’s PAGSC-II initiative to provide widespread social security coverage and improve employment.

The third deal will fund an emergency assistance project worth MAD10.35 million following the deadliest earthquake in the country’s recent history, which destroyed infrastructure and killed more than 3,000 people.

“These initiatives, actions and projects reflect the strong and historic relationship that the Kingdom of Morocco and the AfDB have enjoyed for over half a century,” AfDB resident representative in Morocco Achraf Tarsim said.

Tarsim said it was “a partnership that is exemplary on the continent and has a bright future ahead of it”.

Established in 1964, the AfDB is Africa’s only AAA-rated financial institution.

Its mission is to fight poverty and improve living conditions on the continent by promoting investment of public and private capital in projects and programmes that will contribute to the economic and social development of the region.

In its most recent regional economic report, the European Bank for Reconstruction and Development estimated Morocco’s economy would grow 3.1 percent this year. This is up from the 1.3 percent rate recorded in 2022 when a drought compounded the adverse impact of tighter global financing conditions.