The African Development Bank and the Fonds d’Equipement Communal sign a loan agreement of EUR 100 million to finance sustainable development projects and strengthen the attractiveness of various territories
Rabat, March 15, 2024 - The African Development Bank signed a loan agreement of EUR 100 million with the Fonds d’Equipement Communal (FEC) in Rabat, on Friday, March 15, to fund new investment and sustainable infrastructure projects backed by territorial communities.
The aim of this operation is to improve public services, particularly in rural areas, and support the emergence of new economic activities, investment and employment opportunities to help improve the living conditions for local populations.
“This partnership with the FEC is a first, and we’re delighted by it. Our priority, in investing in latest-generation infrastructure, is to include the territories and increase their attractiveness so that they become genuine development and competitiveness hubs. The most important aspect is the expected benefit for local populations,” says Achraf Hassan Tarsim, the African Development Bank’s Country Manager for Morocco.
By supporting Morocco’s shift towards decentralization, the facility will help to consolidate and diversify the country’s production capacity and support growth in key economic sectors. Its purpose is to increase the country’s competitiveness, create new job opportunities, including for young people and women, and generate significant tax revenues for the state.
"The conclusion of this loan agreement with the African Development Bank is part of the FEC's strategy of opening up to international financing. It paves the way for new bilateral operations to continue, together with confidence and determination, to finance the development of territories and support their growth dynamic", welcomed Omar Lahlou, Governor and General Manager of the FEC.
The project is in line with the Bank’s “High 5” strategic priorities and responds to Morocco’s targets for development, industrialization and improving people’s quality of life.
As a founding member of the African Development Bank, Morocco is one of the institution’s main beneficiary countries, with a cumulative commitment of over USD 12 billion. These financings cover a range of sectors, including energy, water, transport, agriculture, the financial sector and social development.
Signing of a loan agreement between the FEC and the ADB
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The African Development Bank and the Fonds d’Equipement Communal sign a loan agreement of EUR 100 million to finance sustainable development projects and strengthen the attractiveness of various territories
Rabat, March 15, 2024 - The African Development Bank signed a loan agreement of EUR 100 million with the Fonds d’Equipement Communal (FEC) in Rabat, on Friday, March 15, to fund new investment and sustainable infrastructure projects backed by territorial communities.
The aim of this operation is to improve public services, particularly in rural areas, and support the emergence of new economic activities, investment and employment opportunities to help improve the living conditions for local populations.
“This partnership with the FEC is a first, and we’re delighted by it. Our priority, in investing in latest-generation infrastructure, is to include the territories and increase their attractiveness so that they become genuine development and competitiveness hubs. The most important aspect is the expected benefit for local populations,” says Achraf Hassan Tarsim, the African Development Bank’s Country Manager for Morocco.
By supporting Morocco’s shift towards decentralization, the facility will help to consolidate and diversify the country’s production capacity and support growth in key economic sectors. Its purpose is to increase the country’s competitiveness, create new job opportunities, including for young people and women, and generate significant tax revenues for the state.
"The conclusion of this loan agreement with the African Development Bank is part of the FEC's strategy of opening up to international financing. It paves the way for new bilateral operations to continue, together with confidence and determination, to finance the development of territories and support their growth dynamic", welcomed Omar Lahlou, Governor and General Manager of the FEC.
The project is in line with the Bank’s “High 5” strategic priorities and responds to Morocco’s targets for development, industrialization and improving people’s quality of life.
As a founding member of the African Development Bank, Morocco is one of the institution’s main beneficiary countries, with a cumulative commitment of over USD 12 billion. These financings cover a range of sectors, including energy, water, transport, agriculture, the financial sector and social development.
