Morocco receives €1.3 billion in German financial support

Morocco has received €1.3 billion in German financial support which evidences the close cooperation ties between the two countries, Morocco’s foreign ministry said in a statement.

The statement came after phone talks between Morocco’s foreign minister and  German  minister of economic cooperation and Development Gerd Muller.

Out of that total of 1.387 billion euros, Germany had donated €202 million euros, while 717 million went to the anti-Covid 19 fund and the state-owned national guarantee fund.

The national guarantee fund enabled the state to guarantee bank loans benefiting thousands of SMEs and young entrepreneurs.

Some €250 will be earmarked to the “reforms partnership” which the two countries signed for a period covering 2020-2022.

The remaining €420 million euros will be invested in economic development projects including financial sector reform, renewable energies and green hydrogen.