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Germany to Support Morocco With €701.3 Million Development Package

Germany to Support Morocco With €701.3 Million Development Package

The new agreements follow a Memorandum of Understanding earlier this month that aims to promote business opportunities in Morocco to German investors.

Rabat – Morocco and Germany signed three agreements Wednesday worth a combined total of €701.3 million to support development in the North African country.

Germany will distribute the funds to Morocco through loans and grants. The agreements target renewable energy, energy efficiency, sustainable economic development, and water resource management in Morocco.

Minister of Economy Mohamed Benchaaboun and Germany’s Ambassador to Morocco, Gotz Schmidt-Bremme, signed the agreements on July 22 in Rabat.

The initiative reflects the excellent state of affairs between two countries and shines the spotlight on Germany’s priority sectors of Moroccan development. 

In a joint statement, the German embassy and Moroccan ministry said the agreements align with the November 2019 Memorandum of Understanding (MoU) that established a “Partnership for Reform.” 

The partnership falls under the framework of the G20 initiative Compact with Africa (CWA), promoting private investment throughout the continent.

The “Partnership for Reform” intends to support Morocco’s progress in reforming the financial sector, improving the business and investment climate, and strengthening advanced regionalization.

Source: Morocco World News

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