AfDB launches $13bn plan to support Moroccan economy 

Unsplash.com/Louis Hansel

The African Development Bank (AfDB) has launched its €12 billion ($13 billion) five-year strategic roadmap to support Morocco’s economic growth.

The new strategy aligns with the country’s new development model until 2035 and will strengthen Morocco’s economic competitiveness and resilience, sustainable growth, and consolidating economic and social inclusion dynamics, the bank said.

“This new strategy sets the course, objectives and pace of our investments over the next five years in the kingdom,” AfDB country manager for Morocco Achraf Tarsim said in a statement. 

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The strategy prioritises two main areas: promoting inclusive growth through skills development, employment and entrepreneurship, and bolstering economic resilience to external shocks by deploying sustainable infrastructure. 

Additionally, the plan incorporates a “water-energy” nexus approach to create integrated projects that address water stress and foster inclusive growth.

Over the 2017-2023 period, the bank mobilised nearly €3 billion, supporting Morocco’s efforts to increase access to drinking water and desalination, health infrastructure modernisation and widen access to social coverage.  

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The projects facilitated access to drinking water for five million residents and extended health insurance coverage from 62 percent in 2017 to 100 percent in 2023.  

Morocco is a founding member of AfDB, which has invested over €12 billion in 190 projects since 1978.

The bank’s portfolio includes 40 operations with €3.5 billion in the health, water, agriculture, transport, energy and financial sectors.