Casablanca-In a testament to the enduring partnership between Morocco and the African Development Bank (AfDB), the Bank’s Resident Representative in Morocco, Ashraf Tarsim, has unveiled remarkable financial figures that underscore the Bank’s pivotal role in the Kingdom’s development trajectory.

According to Tarsim, the African Development Bank’s funding for diverse development projects in Morocco surged to an impressive €800 million (approximately $867.84 million USD) in the fiscal year 2023. This substantial investment reflects the robust and mutually beneficial relationship between Morocco and the AfDB, characterized by shared goals of sustainable development and economic prosperity.

Tarsim emphasized the exceptional nature of this collaboration, citing its rich history, commitment to excellence, and unwavering vitality. Over the course of 2023, this partnership materialized into nearly 190 operations spanning various strategic sectors crucial for Morocco’s socio-economic advancement.

Morocco’s pivotal position as the leading partner of the African Development Bank was reaffirmed by Tarsim, who highlighted the Kingdom’s significant portfolio of operations amounting to approximately US$4 billion. This substantial financial commitment underscores the AfDB’s unwavering confidence in Morocco’s potential for growth and development.

Delving into the specifics of the Bank’s investments in Morocco, Tarsim revealed that a recent approval of €246 million (approximately $265.68 million USD)  was allocated for the construction of the Guercif-Nador highway. This transformative infrastructure project is poised to play a pivotal role in enhancing transportation connectivity and facilitating economic growth across regions.

Furthermore, the African Development Bank demonstrated its steadfast support for Morocco’s strategic objective of strengthening the social welfare state, as envisioned by King Mohammed VI. In 2023 alone, the Bank allocated around €270 million (approximately $291.06 million USD) towards initiatives aimed at bolstering social development and inclusivity.

One of the standout initiatives highlighted by Tarsim is the collaborative effort between the AfDB and the Moroccan Phosphate Office (OCP), resulting in the mobilization of $180 million for the construction of three seawater desalination plants. These plants, powered entirely by renewable energy sources, are set to provide a sustainable solution to Morocco’s water scarcity challenges, with a combined annual capacity of 110 million cubic meters.

Moreover, the African Development Bank’s engagement in the water sector extends beyond infrastructure investments. The Bank provided crucial technical assistance for financing dam design and watershed interconnection studies, aiming to optimize water resource management and address the imbalance between surplus and deficit basins.

The African Development Bank’s strategic investments in Morocco underscore its unwavering commitment to fostering sustainable development and socio-economic progress in the Kingdom. Through collaborative partnerships and targeted investments, the AfDB continues to play a pivotal role in driving Morocco’s development agenda forward, paving the way for a brighter and more prosperous future.