The European Bank for Reconstruction and Development’s (EBRD) board of directors green lit what it calls a “three-key country strategy” for Morocco for 2024-2029, according to the Bank’s press release published on Wednesday.
The first part of the strategy is to reinforce and encourage the private sector to promote the country’s governance reform agenda through financing corporations and small and medium-sized enterprises (SMEs) to further integrate into global value chains and develop capital markets, thereby assisting the authorities in their comprehensive reform of state-owned enterprises, and supporting the expansion of its promising public-private partnerships program.
The second goal is to build social cohesion and decrease regional disparities for more inclusive growth, as well as to accelerate the transition to a green economy, with an emphasis on ensuring that growth benefits everyone, particularly women and youth, who are currently underrepresented in the workforce. This point will help to eliminate regional inequities and provide crucial infrastructure services and economic possibilities in regions affected by the earthquake on Sept. 8, 2023.
The third prong of the strategy is to support Morocco’s transition to the green economy given the abundant resources that the Kingdom enjoys, including scaling-up of renewable energy and climate adaptation measures as Morocco pursues its path towards carbon neutrality. Conservation of water at a time when Morocco has been experiencing six years of severe drought is also a priority.
The EBRD’s Head of Morocco Antoine Sallé de Chou stated, “The adoption of the new strategy is a key milestone for the Bank and Morocco.”
During the previous strategy period, the Bank invested €1.6 billion to help Morocco realize its entrepreneurial potential, 730 Mln Euros in key infrastructure projects, 700 Mln Euros in the sustainability and commercialization of public services and infrastructure, and 100 Mln Euros in capital market development.
The Bank’s Board of Directors agreed upon the new country strategy following extensive engagement with, and comment from stakeholders, the Moroccan government, the private sector, and civil society.
Morocco was a founding member of the EBRD. The Bank commenced country operations in 2012 and has since invested over €4.5 billion in 102 projects, 76% of which are in the private sector, in Morocco.