Marrakech — President of the African Development Bank (AfDB), Akinwumi Adesina, said that Morocco provides the “conducive” environment to foster capital mobilization for the African continent.
“The Kingdom, through its system of governance, provides an environment Conducive to the promotion of mobilization of resources and capital for Africa,” said Adesina in an interview with MAP, on the sidelines of the 14th US-Africa Business Summit which runs until July 22 in Marrakech.
Also, the AfDB president stressed that Morocco was one of the first countries to support the creation of Africa50, a pan-African platform for investment in infrastructure.
He added that the Kingdom is the host country of Africa50’s headquarters and a major shareholder in two ways through the participation of the Moroccan state and Bank Al-Maghrib (BAM) in the capital of the platform.
In addition, Adesina described Morocco’s contribution to the African Development Fund (ADF) as a “noble gesture”.
“I would like to thank His Majesty King Mohammed VI for this. Each contribution to the Fund will enable us to provide financing and grants on favorable terms to African countries facing emerging challenges and contribute to the economic and social development of these countries,” he said.
Regarding the Morocco-AfDB partnership, Adesina reported more than 170 operations in various sectors since 1978 and until the end of 2020, for a total of more than 11 billion US dollars.
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In 2022, the AfDB and the Moroccan Ministry of Economy and Finance signed two loan agreements worth 91 million euros, intended to complete the financing of the extension and modernization of the Rabat-Salé airport and the construction of the Nador West Med port, he said.
And more recently, the AfDB Board of Directors approved €87 million in financing for the Support Program for the Generalization of Social Coverage in Morocco, with the primary objective of consolidating the foundations of a viable social protection program based on a more integrated and inclusive regional approach to social policy development.
“Given the growing importance of this project for the Kingdom, we believe that this program will help expand social protection, especially for early childhood, youth and the self-employed, in addition to contributing to improving the quality of human capital,” noted the AfDB president.
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