AfDB lends Morocco €100 Mln for infrastructure projects in rural zones

The African Development Bank has lent €100 Million to Morocco’s Communal Equipment Fund to support sustainable infrastructure projects aimed at reducing territorial and social disparities in the North African Kingdom.

The loan agreement was signed Friday in Rabat by the African Development Bank (AfDB) and le Fonds d’équipement communal (FEC). The money will serve to improve public services, particularly in rural areas, promote investment opportunities and employment opportunities.

The facility will help to consolidate and diversify the country’s production capacity and support growth in key economic sectors. It also seeks to increase Morocco’s competitiveness, create new job opportunities, including for young people and women.

AfDB Country Manager for Morocco, Achraf Hassan Tarsim, said the loan will enable FEC to finance infrastructure projects and enhance territorial attractiveness conducive to inclusive development.

For his part, Omar Lahlou, FEC General Manager said the AfDB loan paves the way for more bilateral operations to bolster the development of territories and support their growth dynamic.

Since 1978, the African Development Bank has injected over than € 12 billion in various sectors carried out in Morocco. The Bank’s funding focuses on social development and projects in energy, water, finance, transport, and agriculture.