Morocco has secured €450 million funding from German Development Bank (KfW) under three agreements inked Tuesday in Rabat by Minister Delegate in charge of the Budget Fouzi Lekjaa and Director of the German Bank for North Africa Daniela Beckmann.
KfW is providing Morocco €100 million to enhance the Kingdom’s resilience to climate change and supporting the transition to a low-carbon economy. The Bank’s financial package also includes €150 million to back Morocco’s social protection initiatives and €200 million destined for mobility and logistics platform in the Casablanca-Settat region to improve sustainable transport and regional development.
Lekjaa stressed the importance of these financial agreements in supporting Morocco’s ambitions in energy transition and the fight against climate change. With these new deals, Moroccan-German funding reach €7 billion, in addition to €500 million in technical assistance.
For her part, Beckmann expressed the German Development Bank’s pride in continuing to support Morocco in its sustainable and inclusive development projects.
KfW has pledged, within the framework of cooperation between the two countries, to double its funding to Morocco, she said noting that over €600 million have been allocated for this year.
