AfDB loans Morocco €100 million in support of infrastructure projects

The African Development Bank (AfDB) approved a €100 million loan for the Municipal Equipment Fund (FEC) to finance new investment and public infrastructure projects in Morocco.

These projects will help improve the quality of public services, especially in rural areas as well as spur revenue generating activities, according to an AfDB press release.

“We are pleased with this first partnership with the FEC. With our support for investment in state-of-the-art infrastructure and equipment, this operation will enable local and regional authorities to strengthen the attractiveness of their territories to support, more generally, Morocco’s industrial acceleration dynamic,” AfDB director general for the North African region, Mohamed El Azizi, was quoted as saying in the release.

The funding is also in line with Morocco’s goal to give more powers to regions through a decentralization process.

It will also contribute to improving the country’s competitiveness, creating new employment opportunities, notably for young people and women, as well as generating significant tax revenues for the State.