Rabat – Morocco and the Islamic Development Bank (IDB) signed, on Wednesday in Rabat, a framework document on their 2024-2027 strategic partnership and on the financing agreements relating to the aquaculture project to benefit markets and social inclusion for 20.34 million euros (€M) and the project to strengthen the economic resilience of businesses in the face of difficulties for 10 million dollars (M$).
The framework document and agreements were signed by the Minister of Economy and Finance, Nadia Fettah, and the President of the IDB Group, Muhammad Sulaiman Al Jasser, at a ceremony attended by the Director of the IDB Regional Hub in Rabat, Waleed Addas, and the Managing Director of the National Company for Guarantees and Financing to Businesses Hicham Zanati Serghini, among others, according to a press release by the Ministry of Economy and Finance.
Speaking on the occasion, Fettah stressed the importance of the Morocco-IDB strategic partnership, which consolidates the cooperative relations between the two parties.
She also commended the Bank’s contribution to financing the aquaculture project to benefit markets and social inclusion, noting that this project will create real added value in this sector and reinforce Morocco’s drive towards a green and sustainable economy.
Fettah also emphasized the importance of the IDB’s contribution to the financing of the project to strengthen the economic resilience of businesses in the face of difficulties, which will have a positive impact on Moroccan businesses that continue to suffer from the repercussions of the Covid pandemic.
This project will facilitate access to financing for businesses, enabling them to pursue their economic activities and create and preserve jobs.
For his part, Al Jasser expressed the Bank’s determination to support Morocco in mitigating the repercussions of the Al Haouz earthquake, in line with the Kingdom’s social and economic priorities, noting that the IDB is committed to contributing to the financing of Moroccan development projects.
The IDB is a multiparty financial institution founded in 1975 to support economic and social development. The cumulative total of financing granted by the Bank Group to Morocco over the period 1975-2022 reached 7 billion dollars, covering the financing of development projects in several vital sectors, foreign trade facilities and technical assistance.
Source: Agency Morocaine De Presse