Morocco’s King urges Arab financial institutions to pool efforts in face of global economic, climate challenges

Morocco’s King urges Arab financial institutions to pool efforts in face of global economic, climate challenges

King Mohammed VI of Morocco said Arab financial institutions should pool effort to address economic challenges in a context of geopolitical tensions and inflationary pressures while working together to fund climate action and concessionary finance in the region.

To rise up to global challenges and risks to energy and food security in particular, “we clearly need to continue pooling Arab development efforts, adapt development strategies and programs, and make sure they fulfil the aspirations and needs of Arab citizens, especially our youth,” said the King in a message to participants at the Sixth Annual Joint Meetings of Arab Financial Institutions in Rabat.

In the message that was red out by head of the Government Aziz Akhannouch, the King commended the initiatives taken by Arab financial institutions, and called for drawing lessons from the consecutive crises since 2020 with a view to strengthening these institutions’ proactive capabilities. In this respect, he advocated the setting up of modern development models and ensuring their integration to regional and international value chains.

Among the proactive responses, the King highlighted the need for addressing climate disruptions through “preferential financing terms” that should be intended to promote a transition to a sustainable green economy in addition to supporting research, sharing of experiences, and building capacity.

“Arab financial institutions’ support for member countries’ efforts to preserve climate security and build a green economy also implies supporting Arab countries in international development forums in order to strike a balance between their financing capabilities and contribution to curbing gas emissions which cause climate change. Arab financial institutions should also play a mediating role for the fulfilment of the financing pledges made by the international community within the framework of the Paris Climate Agreement,” he said, underscoring the link between climate security and food security.

The monarch also urged Arab financial institutions to support and attract concessional funding and backing to the integration of Arab production chains.

Special attention was also placed on promoting the connection between education and vocational training and the need for continuing to finance basic infrastructure and energy, land, rail and sea connectivity as well as digital transformation to help curb disparities.

“I therefore invite Arab financial institutions to take particular interest in entrepreneurial initiatives, especially those of medium, small and very small enterprises, and to support financial inclusion and enhance competitiveness,” said the king.

The King also welcomed the efforts made by these institutions to provide “financial support to our Palestinian brothers,” and called for continued support for projects that spur the dynamics of development and resistance action in Palestine.

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