AfDB approves €100mn for Municipal Equipment Fund in Morocco

The African Development Bank’s board of directors have recently approved a line of credit of 100 million euros for the Municipal Equipment Fund to finance new investment projects and collective facilities in Morocco.

“We are pleased with this first partnership with the FEC. With our support for investment in state-of-the-art infrastructure and equipment, this operation will enable local authorities to increase the attractiveness of their territories to support, more generally, Morocco's industrial acceleration dynamic,” the Director General of the African Development Bank for the North Africa Region, Mohamed El Azizi opined.

This facility will assist in strengthening and diversifying Morocco’s production capacity and support growth in various sectors of the economy. In other words, its objective is to contribute to improving the country's competitiveness, creating new employment opportunities for both men and women including generating significant tax revenue for the state.

“The line of credit will promote an inclusive growth dynamic where the territories will increase their capacity even more to become true centers of development and industrial competitiveness. This will benefit local people and industries,” the African Development Bank’s country manager for Morocco, Leila Farah Mokaddem cited.

The above-mentioned funding is in line with the African Development Bank’s five strategic priorities termed ‘High 5’, which is likely to meet Morocco’s objectives in terms of supporting industrialization and improving the quality of life of its population.