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African Development Bank loans Morocco 200 mln Euros to fund agricultural industries

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The African Development Bank (AfDB) loaned Morocco 200 million euros (around 2.2 billion dirhams) to fund the support program for agricultural industries' inclusive and sustainable development, said the ministry of economy and finance.

The loan agreement was inked, on Friday in Rabat, at a ceremony chaired by economy and finance minister Mohamed Boussaid, in the presence of Leila Mokadem Farah, resident representative of AfDB national bureau in Morocco and Nezha El Ouafi, secretary of state for sustainable development, it said in a statement.

On this occasion, Boussaid praised the level and quality of cooperation relations between the Kingdom and the AfDB and thanked this Institution for its invaluable and constant support for Morocco in the implementation of basic structural reforms.

The Minister and the AfDB representative also reaffirmed their willingness to further strengthen this exemplary cooperation.

The support program for agricultural industries' inclusive and sustainable development is part of a multi-sectoral approach and backs the agricultural development strategy (Morocco's Green Plan).

It aims to contribute to strengthening the competitiveness of the agricultural sector for an inclusive and sustainable economic growth through the promotion of value chains, job creation, business climate and the sustainable management of natural resources.

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