Morocco-World Bank

Morocco gets WB €236 m loan for development project

APA - Rabat (Morocco)

Morocco and the World Bank, on Monday in Rabat, signed a loan agreement of €236.7 euros to fund the Economic Development of North-East Morocco Project.

The agreement was signed by the Moroccan Minister of Economy and Finance, Nadia Fettah and the Director of the Maghreb and Malta Department at the Regional Office for the Middle East and North Africa (MENA) of the World Bank (WB), Jesko Hentschel.

This loan agreement follows the meeting between the Moroccan minister and the Vice President for the MENA region at the World Bank, Ferid Belhaj, who is on a working visit to Morocco on 12 and 13 September 2022, says a statement from the Ministry of Economy and Finance.

On this occasion, the Minister of Economy and Finance thanked the World Bank for the support and accompaniment, both financial and technical, that this institution provides to Morocco for the realization of priority reform projects launched under the enlightened leadership of His Majesty the King, including the program of generalization of social protection, the reform of the public sector and sectoral strategies of new generation, the same source added.

For his part, the Vice President of the World Bank for the MENA region welcomed the excellent cooperation relations between the WB and Morocco, stressing in this regard, the readiness of the Bank to continue its support to the economic and social development efforts of the Kingdom. The two parties also reaffirmed their common desire to successfully organize the next Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), scheduled for October 2023 in Marrakech.

On the sidelines of this meeting, the World Bank presented its Report on Climate and Development in Morocco, prepared in collaboration with the Ministry of Economy and Finance and the Ministry of Energy Transition and Sustainable Development, notes the release.


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