African Development Bank lends Morocco $1.1 bln in 8 months

The African Development Bank granted Morocco $1.1 billion in loans over the last 8 months to finance strategic sectors, head of the bank’s branch in Morocco Leila Farah Mokkadem said.

“Morocco is a country with which we have enjoyed close ties for five decades,” she told MAP, adding that Morocco is the bank’s first client.

The Bank extended its latest loan, worth 264 million euros, to help Morocco respond to the coronavirus pandemic.

She lauded the measures taken by Morocco to mitigate the impact of the crisis on the economy and households, citing in particular Morocco’s cash handouts to 5 million households.

The Bank has also financed social protection projects aiming to keep jobs as well as projects to help people with special needs in addition to vulnerable women and children.

The goal is to help the government increase the number of the beneficiaries from mandatory health insurance from 60% of the population in 2018 to 89% in 2023, she said.

Farah Mokaddem also shed light on the contribution of the Bank’s loans to make electricity accessible to 16,000 in rural areas in addition to plans to generalize access to banking services in remote areas.

The Bank also finances industrial development plans, transports and infrastructure projects and health among others.