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The European Bank for Reconstruction and Development (EBRD) announced, Wednesday, the approval of its new country strategy for Morocco, covering the period 2024-2029. The strategy focuses on three key priorities: promoting the private sector, fostering inclusive growth, and supporting Morocco's green transformation.
«The adoption of the new strategy is a key milestone for the Bank and Morocco», Antoine Sallé de Chou, the EBRD’s Head of Morocco, said. «It will guide our investments and policy dialogue over the coming five years to help deliver inclusive and sustainable economic growth in the country».
Developed collaboratively with the Moroccan government, the new strategy will help support Morocco’s shift to a more private-sector-led economy, aligning with its new development model, the London-based institution said.
To achieve this, EBRD will use its financing tools and advisory initiatives to help Moroccan corporates and small and medium-sized enterprises (SMEs) integrate further into global value chains and develop capital markets.
«It will also promote deeper regional integration and help the country anchor its position as a gateway to Africa», EBRD stressed. The Bank will also «assist the authorities in their comprehensive reform of state-owned enterprises and support the expansion of its promising public-private partnerships programme».
The strategy prioritizes ensuring that economic growth benefits all Moroccans, particularly women and youth, the bank said. The institution will also work «to reduce regional disparities and support the provision of critical infrastructure services and economic opportunities in the regions affected by the 8 September 2023 earthquake».
Furthermore, the new strategy will also provide support for Morocco's transition to a green economy by capitalizing on the country's positive dynamics, according EBRD.
Given the increasingly urgent need for effective management of water resources, the bank will explore opportunities to finance and promote water projects that encourage water conservation, improve water management and address water shortages.
As Morocco pursues carbon neutrality, the EBRD will provide support in areas such as energy transition, deployment of renewable energy sources, and climate change adaptation measures.
The new country strategy was approved by the EBRD's Board of Directors after a comprehensive consultation process involving shareholders, Moroccan authorities, the private sector, and civil society.
In the previous strategy period, the EBRD committed €1.6 billion to Morocco. This included €730 million invested in key infrastructure projects, €100 million dedicated to developing capital markets, and €700 million supporting the sustainability and commercialization of public services and infrastructure.
Morocco, a founding member of the EBRD, has benefited from over €4.5 billion in investments across 102 projects since 2012.
