EBRD approves its country strategy for Morocco
Hibapress
The board of directors of the European Bank for Reconstruction and Development (EBRD) announced, Wednesday, that it had approved its country strategy for Morocco for the period 2024 to 2029, which will focus on the private sector, inclusive growth and the green transition.
“The adoption of the new strategy constitutes a key step for the Bank and Morocco. It will guide our investments and our dialogue on the policies to be carried out over the next five years, in order to promote inclusive and sustainable economic growth in the country,” said the director of the EBRD in Morocco, Antoine Sallé de Chou, quoted in a statement.
The new strategy, which focuses on key priorities identified in conjunction with the Moroccan government, aims to support Morocco in its transition to an economy driven by private investment, which is part of its new development model, indicated the institution, based in London.
To this end, the EBRD will use its financing tools and advisory initiatives to help Moroccan companies and SMEs further integrate into global value chains and develop capital markets.
“The Bank will also promote further regional integration and help the country consolidate its position as a gateway to Africa,” underlined the same source, noting that in addition, the EBRD will assist the authorities in their overall reform public enterprises and will support the development of the promising public-private partnership program.
The strategy pays particular attention to ensuring that growth benefits everyone, and in particular to the economic inclusion of women and young people, said the EBRD, ensuring that through its investment and policy dialogue programs lead, the Bank will work to improve women and young entrepreneurs' access to finance and advice, as well as reduce skills mismatches.
The institution will also work to “reduce regional disparities and support the establishment of services linked to essential infrastructure and economic opportunities in the regions affected by the earthquake of September 8, 2023”.
Finally, the new strategy aims to accelerate Morocco's transition to a green economy, by taking advantage of the country's positive dynamics, continued the EBRD.
Given the increasingly urgent need for effective water resources management, the Bank will explore opportunities to finance and promote water projects that promote conservation, improve water management and address to the problem of shortage, she clarified.
On its path towards carbon neutrality, Morocco will benefit from support in the areas of energy transition, large-scale development of renewable energies and measures to adapt to the effects of climate change, detailed the Bank.
The new country strategy was approved by the Bank's Board of Directors following an exhaustive consultation period. It takes into account comments from shareholders, Moroccan authorities, the private sector and civil society, the EBRD said.
During the period covered by the previous strategy, the Bank deployed 1.6 billion euros to help Morocco realize its entrepreneurial potential with an investment of 730 million euros in key infrastructure projects and 100 million euros to advance the development of capital markets, in addition to 700 million euros allocated to the sustainability and commercialization of public services and infrastructure.
Morocco is a founding member of the EBRD. It became a country of operations of the Bank in 2012 and has since benefited from more than 4.5 billion euros of investments spread over 102 projects, 76% of which in the private sector.
