24 °C Clear sky Rabat

News
Monday 8 April 2019

Morocco-IDB, New Partnership 2019-2022

Vocal synthesis
Morocco-IDB, New Partnership 2019-2022

Morocco and the Islamic Development Bank (IDB) signed, on Saturday in Marrakech, a framework agreement on a partnership strategy covering the period 2019-2022 and focusing on the development of economic sector value chains.

Signed at the end of the 44th annual meeting of the IDB by secretary general of the ministry of Economy and Finance, Zouhair Chorfi, and IDB president, Bandar Hajjar, this framework agreement aims to determine the areas of cooperation between Morocco and this institution for the next four years.

"We have signed a framework agreement that sets the partnership to 2022. It focuses on issues related to the competitiveness of the Moroccan economy and its integration into the global economy," Chorfi told the press.

He added that on the sidelines of the meeting, several agreements were signed, meant to further strengthen medium-term cooperation between Morocco and the IDB, highlighting the existence of a multitude of programs focusing on sectoral approaches with a view to improving Morocco's competitiveness and exports as well as job creation.

Chorfi said that on this occasion, a 2019 interim action plan worth $206 million was prepared by both parties to finance projects with a social dimension, including the National Initiative for Human Development (INDH), preschool education and territorial development.

In addition, Morocco and the IDB inked a technical assistance agreement on a $1.5 million contribution from the bank to support phase III of the INDH, an agreement on the financing of an inclusive rural development project in the Tangiers-Tetouan-Al Hoceima region for an amount of $93.8 million aimed at reducing the number of households living below the poverty line through improving the living conditions of rural populations.

The two parties also signed a technical assistance agreement for the development of an integrated model for the development of education in Morocco with a contribution of $280,000 from the IDB. This project aims to make education compulsory for children aged 4 to 11 years and to improve students' academic performance in national and international assessments through the elaboration and implementation of an integrated model for the development of basic education.

MAP 07 avril 2019