EU supports Morocco’s socioeconomic development with €500 Mln funding

EU supports Morocco’s socioeconomic development with €500 Mln funding

The European Union announced on Thursday a new financial package worth €500 million for Morocco. The financial support will enable the North African Kingdom to carry out five projects aiming to strengthen further social protection, green transition, financial inclusion, reform of public administration and improvement of management of migration.

The new cooperation deals were inked by European Union commissioner for Neighborhood Oliver Varhelyi and budget minister delegate Fouzi Lekjaa.

The EU commissioner for Neighborhood & Enlargement started Monday a two-day visit to Morocco amid tensions with the European Parliament following the orchestrated smear campaign carried out by some MEPs against the North African Kingdom.

Mr. Varhelyi said talks with Moroccan officials will focus on how to deepen further strategic Partnership between EU & Morocco, described as “a strong partner of the EU”.

The two partners are working together for shared prosperity and security, said the European Commissioner.

Varhelyi said he will meet Mohamed Benchaâboun, Director General of the Mohammed VI Investment Fund, adding the EU is ready to co-finance projects and make direct contribution to the Fund.

“Our aim: to mobilize Morocco-EU public & private sector to invest in real economy, promote digital & energy transition and support Research, Development, innovation & technology transfer”, said the Commissioner in twitter posts.

During his Moroccan trip, Mr. Varhelyi will meet with several government officials and representatives of the private sector.

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