Morocco and the African Development Bank (AfDB) finalized three major financing agreements on Thursday in Rabat, totaling EUR 344.7 million. The funds will support key initiatives to strengthen Morocco’s economic governance, improve its water supply infrastructure, and develop the industrial zone at Nador West Med port on the Mediterranean.
The first agreement, valued at EUR 120 million, focuses on improving economic governance and resilience to climate change. The funding would drive critical reforms in public institutions and various sectors, promoting good governance and climate adaptation measures. Morocco’s Minister of Economy and Finance Nadia Fettah and AfDB President Akinwumi Adesina signed the deal.
A second agreement, worth EUR 104.7 million, targets the digitization and optimization of drinking water production. The project would secure potable water production, improve technical performance across urban areas, and digitize operations, addressing Morocco’s increasing water demand and efficiency challenges. Tarik Hamane, Director-General of the National Office for Electricity and Drinking Water, Nina Nwabufo, AfDB Vice President for Regional Development, Integration, and Service Delivery, and Hicham Serghini, CEO of Tamwilcom, signed the contract.
The third agreement, also valued at EUR 120 million, supports the development of the industrial zone at Nador West Med port. The initiative is intended to expand Morocco’s industrial and logistical offerings, solidify its position as a strategic hub, and stimulate economic growth in its eastern region. Plans include creating industrial and logistical units within the port to attract investments and generate employment. The deal was signed by Jamal Benjelloun, Director-General of Nador West Med, Mohamed El Azizi, AfDB Director-General for North Africa, and Tamwilcom’s Hicham Serghini.
Highlighting the significance of the partnership with the AfDB and Morocco’s commitment to addressing Africa’s pressing challenges, Minister Fettah said, “The African Development Bank views this collaboration as a model for other nations on the continent.”