US to mobilize $5 billion in investments in Morocco

The US International Development Finance Corporation (DFC) announced Tuesday a series of efforts to expand American investment in Morocco and strengthen its role as an economic hub for the continent. In sum, these initiatives seek to mobilize $5 billion in investments in Morocco and across the region.

These initiatives include the opening of a Prosper Africa office to be based in Morocco. Through the Prosper Africa initiative, the U.S. Government aims to support $1 billion in new two-way trade and investment deals between the United States and Morocco, as well as countries across North Africa, over the next four years, DFC Chief Executive Officer and Prosper Africa Executive Chairman Adam Boehler said in a statement.

They also include the signing of a memorandum of understanding (MOU) between DFC and the Government of Morocco detailing DFC's efforts to invest $3 billion over the next four years for projects in Morocco and in co-investments with Moroccan partners for projects in Sub-Saharan Africa.

The  US Agency for International Development’s (USAID) intends to «designate Morocco as the North Africa regional hub for its new continent-wide Prosper Africa trade and investment program», the DFC statement explained.

The measures also provide for the launch of a 2X MENA initiative to catalyze $1 billion of investments in projects that advance women’s economic empowerment in the Middle East and North Africa.

These announcements came as Boehler was among the High-level US-Israeli delegation who visited Morocco on Tuesday, the same source added.

In January 2021, the Prosper Africa Secretariat will establish a regional office in Morocco, the initiative's very first regional office in North Africa. The new Morocco office will leverage expertise from across 17 U.S. Government agencies and bring new resources, staff, and dedicated attention to increase two-way trade and investment between the US and Morocco and across broader North Africa, helping support economic development in the region.

Finally, Morocco will serve as a regional center for USAID’s new continent-wide Prosper Africa Trade and Investment program.