Rédaction Africa Links 24 with alm
Published on 2024-03-15 13:25:05
The African Development Bank signed, on Friday, March 15 in Rabat, a 100 million euro loan agreement with the Communal Equipment Fund (FEC) to finance new investment projects and sustainable infrastructure initiatives carried out by local authorities. The objective of this operation is to strengthen and modernize public services, especially in rural areas, and to promote new economic activities and investment opportunities to improve the living conditions of local populations.
“This partnership with the FEC is a first. We are very pleased. Through investment in state-of-the-art infrastructure, our priority is to include territories and enhance their attractiveness to become real hubs of development and competitiveness. The most important thing is the expected benefits for local populations,” said Achraf Hassan Tarsim, the country manager of the African Development Bank for Morocco.
By supporting the decentralization movement initiated by Morocco, this facility will help consolidate and diversify the country’s production capacities and support the growth dynamic in key economic sectors. Its purpose is to contribute to the country’s and its territories’ competitiveness, create new job opportunities, including for youth and women, and generate significant additional tax revenue for the state.
“The conclusion of this loan agreement with the African Development Bank is in line with FEC’s strategy of opening up to international financing. It paves the way for new bilateral operations to continue, jointly and with confidence and determination, to finance the development of territories and support their growth dynamic,” praised Omar Lahlou, Governor and CEO of the Communal Equipment Fund. Aligned with the Bank’s five strategic priorities, the “High 5s,” this project addresses Morocco’s development objectives, industrialization, and improvement of the quality of life for its population.
As a founding member of the African Development Bank, Morocco is one of the main beneficiaries of the institution, with a cumulative commitment of more than 12 billion US dollars. These funds cover various sectors, including energy, water, transportation, agriculture, the financial sector, and social development.
Read the original article(French) on Aujourdhui.ma
