Casablanca-The African Development Bank Group (AfDB) has significantly bolstered its investment efforts in North Africa, allocating over $2 billion for various strategic projects in the region during the year 2023. This substantial funding injection comes at a crucial time as the region grapples with economic challenges exacerbated by the ongoing uncertainty and multiple crises.
Mohamed El Azizi, Director-General of the African Development Bank for North Africa, emphasized the exceptional nature of the year 2023, marked by a series of groundbreaking operations aimed at enhancing resilience and fostering shared growth across the region. Speaking on the importance of these investments, El Azizi underscored the bank’s commitment to improving the lives of millions of people in North Africa through impactful initiatives.
One of the flagship projects approved by the AfDB under the Desert to Power initiative is the financing of a 225-kilovolt electric transmission project connecting Mauritania to Mali. With an investment exceeding $273 million, this ambitious endeavor seeks to bolster energy infrastructure and promote renewable energy production, particularly solar power. The project entails the development of solar power stations and the construction of a high-voltage transmission line spanning over 1,373 kilometers, with a transmission capacity of 600 megawatts between the two countries. This initiative is expected to significantly expand solar energy production and ensure widespread access to electricity in both Mauritania and Mali.
In addition to this transformative project, the AfDB secured approvals for various other initiatives benefiting North African countries. Notably, Mauritania received financial support totaling $23.7 million from the African Development Fund and the Bank’s window, aimed at advancing key development objectives in the country.
Morocco, another recipient of AfDB funding, received a substantial investment of 270 million euros to finance two critical projects. These projects focus on expanding social security coverage and developing new healthcare infrastructure, addressing pressing social and public health needs in the country. The investments are part of comprehensive programs aimed at enhancing social protection and improving access to healthcare services for vulnerable populations, including rural residents and small-scale entrepreneurs.
The AfDB’s financial commitments in 2023 also extended to Egypt, where the bank allocated over $677 million to support a range of public reforms aimed at unlocking the potential of the private sector and accelerating economic diversification. These reforms seek to improve the business climate, enhance competitiveness, and promote key productive sectors, fostering sustainable economic growth and job creation in Egypt.
Furthermore, Tunisia and Libya benefited from significant financial assistance from the AfDB, totaling nearly $178 million and approximately $450 million, respectively. These investments encompassed various initiatives aimed at promoting economic development, improving infrastructure, and enhancing resilience to external shocks, such as climate change.
The significant financial contributions made by the AfDB to North Africa throughout 2023 underscore its unwavering dedication to promoting inclusive growth, propelling sustainable development, and tackling urgent socio-economic issues in the area. In the face of a multifaceted economic environment, the AfDB’s proactive investment strategy stands ready to significantly influence the region’s developmental path.