Morocco has emerged as the foremost beneficiary of the Africa Investment Forum (AIF), with its railway operator, ONCF, launching a strategic initiative aimed at improving services with a total investment of $8.8 billion. This project attracted investor interest worth $14 billion, as highlighted by African Development Bank President Akinwumi Adesina, who called it a “significant success” for Morocco during a press briefing at the forum’s conclusion in Rabat.

Adesina also announced a forthcoming $650 million loan for Morocco, pending approval from the Bank’s board. This financing is aimed at enhancing transport infrastructure for rail and airports in anticipation of the World Cup co-hosted by Morocco, Spain, and Portugal.

Series of Agreements

During the Africa Investment Forum (AIF) in Rabat, Morocco and the African Development Bank formalized three agreements totaling nearly €350 million. These agreements reinforce the Bank’s long-standing relationship with the Kingdom, which has thrived for over 50 years, covering critical sectors such as health, human development, water, agriculture, energy, transportation, and finance.

The first loan agreement worth €120 million aims to finance the Support Programme for Enhancing Economic Governance and Resilience to Climate Change. This initiative is focused on backing necessary reforms in economic and sector governance, particularly the restructuring of state-owned enterprises.

The second agreement, amounting to €104.7 million, will support a project aimed at digitizing water management to elevate technical performance across various Moroccan regions and urban areas, ensuring a high quality of life for its rapidly urbanizing populace.

The third operation will direct €120 million towards developing an industrial park at the port of Nador West Med. This project is intended to expand and diversify Morocco’s port capabilities, cementing its role as a central industrial logistics hub and contributing to economic and social development in the eastern region. Additionally, it will enable the establishment of economic zones and industrial and logistical units within the port.

The signing ceremony featured the President of the African Development Bank Group, Akinwumi Adesina, alongside Nadia Fettah, Morocco’s Minister of Economy and Finance, and other senior officials from both the Bank and the Moroccan government.

Fettah praised the AIF for its key role in driving investment for Morocco and the broader African continent.

“It serves as an essential catalyst and stands out as a unique platform for investment, accelerating Africa’s transformation. Investors gathered in Rabat to seek, identify, and invest in viable projects, affirming that Africa is indeed open for business,” she stated.

Remarkable Partnership

During the AIF, Morocco’s Head of Government, Aziz Akhannouch, discussed with President Adesina ways to strengthen the already exceptional partnership between Morocco and the Bank.

Adesina noted that Morocco is the largest recipient of the Bank’s investments, with a financial portfolio totaling $3.6 billion. This year alone, the Bank launched new projects valued at $1.5 billion.

Both parties expressed satisfaction with the performance of the Bank’s financial portfolio in Morocco, which has thrived despite a challenging international environment and a series of external crises. Adesina commended the Moroccan government’s dedication to development and its strong commitment to meeting its obligations.

He highlighted that Morocco and the Bank have sustained a privileged partnership since 1970, with the latter mobilizing over €15 billion to finance around 150 projects throughout the Kingdom.

Engaging with Global Financiers

Moroccan officials also addressed partnerships with the leadership of the European Bank for Reconstruction and Development (EBRD) during the AIF, underlining the Kingdom’s commitment to engaging a diverse array of financiers, including those from outside of Africa, to achieve its development objectives.

Renaud-Basso, President of EBRD, commented that the Bank invested significantly in Morocco this year, totaling over €400 million, primarily directed towards energy transition, carbon-neutral sectors, women’s integration, and economic digitization. Since 2012, Morocco has received €4.74 billion in investments from EBRD, with 77% of this funding aimed at supporting the private sector.