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CAM and AFD Sign Financing Deal to Boost Sustainability of Moroccan Agriculture

Crédit Agricole du Maroc (CAM) and the French Development Agency (AFD) signed two loan agreements on Monday in Meknes, valued at €70 million in loans and €2.1 million in technical assistance to finance investments in Moroccan agriculture, with a focus on optimizing water usage, and promoting agro-ecology, and species resilient to climate change.

The program will support the existing “Istidama” (Sustainability) initiative, which focuses on energy-saving measures, renewable energy production, organic farming, and waste management in rural areas.

Launched in 2022 by CAM, the Istidama program is a specific financing service combined with an incentive scheme for entrepreneurs seeking to initiate or intensify their green transition to improve productivity, competitiveness, and profitability against a backdrop of climate change and dwindling natural resources.

A portion of the amount allocated to technical assistance will directly support new investments, as well as training for farmers and public awareness campaigns, both in the field and in CAM offices.

Mohammed Fikrat, President of CAM Executive Board, reiterated the Group’s commitment to strengthening Moroccan agriculture’s resilience and sustainability, highlighting its critical role in rural development and food security.

The Head of AFD’s office in Morocco, Quiterie Pincent, said she is delighted with the partnership with CAM, particularly as this new initiative will make use of the AFD’s Green Climate Fund.

Since its inception in 1961, CAM has been the leading bank for agricultural financing in Morocco. Along with its traditional banking activities, it plays a key role in the financial inclusion of farmers and the socio-economic development of rural areas.

The AFD group promotes and accelerates the transition to a more equitable and sustainable world by funding and supporting over 4,200 initiatives in climate, biodiversity, peace, education, urban development, health, and governance across 150+ countries.

This latest investment strengthens the two organizations’ more than ten-year collaboration.