The African Development Bank signed a loan agreement of EUR 100 million with the Fonds d’équipement communal (FEC) in Rabat, on Friday, March 15, to fund new investment and sustainable infrastructure projects backed by territorial communities.
The aim of the operation is to improve public services, particularly in rural areas, and support the emergence of new economic activities, investment opportunities and employment opportunities to help improve living conditions for local populations.
“This partnership with the FEC is a first, and we’re delighted by it. Our priority, in investing in latest-generation infrastructure, is to include the territories and increase their attractiveness so that they become genuine development and competitiveness hubs. The most important aspect is the benefit we expect for local populations,” says the African Development Bank’s Country Manager for Morocco, Achraf Hassan Tarsim.
By supporting Morocco’s shift towards decentralization, the facility will help to consolidate and diversify the country’s production capacity and support growth in key economic sectors. Its purpose is to increase the country’s competitiveness, create new job opportunities, including for young people and women, and generate significant tax revenues for the state.
“The conclusion of this loan agreement with the African Development Bank is part of the FEC’s strategy of opening up to international financing. It paves the way for new bilateral operations to continue, together with confidence and determination, to finance the development of territories and support their growth dynamic”, welcomed Omar Lahlou, Governor and General Manager of the FEC.
The project is in line with the Bank’s “High 5” strategic priorities and responds to Morocco’s targets for development, industrialization and improving people’s quality of life.
As a founding member of the African Development Bank, Morocco is one of the institution’s main beneficiary countries, with a cumulative commitment of over USD 12 billion. This funding covers a range of sectors, including energy, water, transport, agriculture, the financial sector and social development.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
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About the FEC:
The FEC is a public bank dedicated to financing territorial development, being a key player as the financial and technical partner for territorial communities in Morocco for almost 65 years. This credit institution plays a decisive role in the implementation of territorial development programs, and constantly adapts its interventions to the challenges and priorities of the territories, particularly in terms of reducing territorial and social disparities, and strengthening the resilience of territorial areas to the effects of climate change.
About the African Development Bank Group:
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). On the ground in 37 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
For more information: www.AfDB.org