Morocco Inks €250mln Loan, €7mln Grant With Germany's Kfw

27 December 2023
Maghreb Arabe Presse (Rabat)

Rabat — Morocco and the German Development Bank (KfW) on Wednesday formalized three loan agreements totaling 250 million euros and two grant agreements amounting to 7 million euros. The agreements, inked in Rabat, are earmarked for financing three pivotal projects focused on social protection, sustainable mobility, and irrigation.

These agreements were signed by Fouzi Lekjaa, Minister Delegate to the Minister of Economy and Finance, in charge of the Budget, and Janne Rajpar, Director of the KfW (Kreditanstalt für Wiederaufbau) office in Morocco.

The first project revolves around the Social Protection initiative. It secures a concessional loan of 120 million euros accompanied by a grant of 2 million euros.

This financial support aims to enhance living conditions by contributing to the Royal Social Protection project.

The second project involves funding for the Urban and Interurban Road Transport Reform Support Fund (FART) through a 100 million euros loan and an additional grant of 5 million euros.

This financial injection is directed towards promoting and financing the development of a modern, climate-respecting public transportation system in Moroccan cities and municipalities.

The third tranche of funding, amounting to 30 million euros in the form of a loan, is dedicated to the project targeting the improvement of water consumption efficiency in irrigated agriculture in the perimeter of Sidi Mohamed Cherif.

This project aims to enhance efficient use of regulated irrigation waters downstream from the Ouljet Essoltane dam in northern Morocco.

During the signing ceremony, both Lekjaa and Rajpar expressed satisfaction with the strong partnership ties between the two nations. They also affirmed their shared commitment to exploring avenues to further enhance and strengthen KfW's financial contributions.

The event was attended by Stefan Bantle, Minister Counselor at the German Embassy in Morocco, and Monika Mlad, Head of German Cooperation at the German Embassy, underscoring the collaborative nature of the partnership between Morocco and Germany.

Read the original article on MAP.

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