Germany extends Morocco loans, grants worth €701.3Mln

Germany will extend Morocco loans and grants worth €701.3Mln within the framework of financial and technical cooperation between the two countries.

Three agreements related to the funding were signed Wednesday in Rabat by Minister of Economy and Finance Mohamed Benchaaboun, and Germany’s Ambassador to Morocco Götz Schmidt-Bremme.

The agreements reflect the excellence of cooperation relations and ties of friendship between Morocco and Germany as well as the relevance of the areas of intervention of this cooperation which focuses on priority sectors of Morocco’s development, including the promotion of renewable energies and energy efficiency, sustainable economic development and management of water resources, the two parties underline in a joint statement.

The agreements also mark the launch of a new pillar of development cooperation between the two countries, particularly under the “Partnership for reform” intended to support Morocco’s reforms process, particularly regarding the reform of the financial sector, the improvement of the business and investment climate, the strengthening of advanced regionalization, the further development of the potential of the private sector and the promotion of sustainable economic growth that creates jobs, the statement said.

Benchaaboun and Schmidt-Bremme reaffirmed on this occasion the determination of the two countries to work together to achieve the projects identified under the signed agreements and to further strengthen Moroccan-German cooperation in these areas.