Rabat: Morocco, AfDB Sign Three Financing Agreements Worth Over MAD 2.9 Bln

24 October 2023 Printable Version

Rabat - Morocco and the African Development Bank (AfDB) signed, on Tuesday in Rabat, three financing agreements worth more than 2.9 billion dirhams on inclusive access to healthcare infrastructure, generalization of social coverage and emergency assistance for the Al Haouz earthquake.

The three agreements were signed by Minister Delegate to the Minister of Economy and Finance, in charge of the Budget, Faouzi Lekjaa, and AfDB Resident Representative in Morocco, Achraf Tarsim, in the presence of Minister of Economic Inclusion, Small Business, Employment and Skills, Younes Sekkouri, and Minister of Health and Social Protection, Khalid Ait Taleb.

The first agreement, worth 120 million euros (M€) (around MAD 1.3 billion), is intended to finance the support program for inclusive access to health infrastructures (PAAIIS), which aims to help improve access to quality healthcare services.

The second agreement concerns the financing of the support program for the generalization of social security coverage to improve employability (PAGSC-II), worth €149 million (around 1.6 billion dirhams). The program is meant to help speed up reforms to Morocco's social protection system, to better integrate the informal sector, create job opportunities and strengthen social inclusion.

The third agreement is for the financing of emergency assistance for the Al Haouz earthquake in the amount of $1 million (around 10.35 million dirhams).

On this occasion, Lekjaa praised the quality of cooperation relations between Morocco and the AfDB, hailing the institution's "valuable and constant" support to the Kingdom, particularly in implementing structural reforms in various fields.

For his part, Tarsim emphasized that these agreements, which enable the AfDB to demonstrate its solidarity with Morocco, will be used in particular to finance two related operations, namely the extension of social coverage and the development of health infrastructures.

"These initiatives, actions and projects reflect the strong and historic relationship that the Kingdom of Morocco and the AfDB have enjoyed for over half a century. A partnership that is exemplary on the continent and has a bright future ahead of it", he said.

Ait Taleb highlighted the importance of the agreements signed in supporting Morocco's reforms, particularly with regard to strengthening the resilience of the healthcare system and upgrading health infrastructures.

For his part, Sekkouri emphasized the importance of this partnership with the AfDB, noting that it crowns Morocco's achievements in several fields, notably in improving employability.