WB supports Morocco’s North-East Economic Development Project with over €236 Mln funding

WB supports Morocco’s North-East Economic Development Project with over €236 Mln funding

Morocco and the World Bank signed on Monday in Rabat a €236.7 million loan agreement for the funding of the North-East Economic Development Project destined to improve transport connectivity and rev up the private sector growth in the North-Eastern region of the Kingdom.

The agreement was inked by Economy & Finance minister Nadia Fettah Alaoui and WB Country-Director for Maghreb Jesko Hentschel following a meeting held between the Moroccan minister and visiting WB Vice-Pdt for MENA region Ferid Belhaj.

During the meeting, Mrs. Fettah thanked the World Bank for its financial and technical support that enables the North African Kingdom to implement priority reform projects, including generalization of social protection, public sector reform and new development strategies.

For his part, Mr. Belhaj praised the excellent cooperation ties existing between the WB and Morocco, voicing the firm willingness of the World Bank to continue its support for the Kingdom’s economic and social development efforts.

The two parties also reaffirmed their determination to ensure success to the upcoming Annual Meetings of the World Bank Group and the International Monetary Fund (IMF), scheduled for October 2023 in Marrakech.

The World Bank/IMF Annual Meetings are held for two consecutive years at the World Bank Group and IMF headquarters in Washington, D.C., US, and every third year in another member country. This cycle was disrupted by the COVID-19 pandemic, with the Annual Meetings convening virtually in 2020 and 2021.

The Annual Meetings bring together central bankers, ministers of finance and development, private sector executives, civil society, media, and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, inclusive economic growth and job creation, climate change, and others.

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