Wednesday 6 February 2019

Morocco-Germany: Loans and Grants of 330.5 Million Euros to Support Sustainable Development

Vocal synthesis
Morocco-Germany: Loans and Grants of 330.5 Million Euros to Support Sustainable Development

Morocco and Germany signed, Tuesday in Rabat, two financial cooperation arrangements for a total of 330.5 million euros in the form of loans and grants, focusing on sustainable development.

These cooperation arrangements were signed by minister of Economy and Finance, Mohamed Benchaaboun, and the German ambassador in Rabat, Götz Schmidt-Bremme.

"We have just signed a cooperation protocol between Morocco and Germany, in the form of two agreements covering a number of areas, notably renewable and electric energy, water supply, whether storage, supply of rural areas or desalination of seawater, as well as all aspects of sustainable development," Benchaaboun told the press.

These agreements, which will be spread over a relatively short period of time from the signing date, are part of the excellent relations between Morocco and Germany, the minister said, expressing the Kingdom's readiness to strengthen cooperation with Germany through the signing of more agreements.

Morocco is a major partner of the German initiative "Compact with Africa", he recalled, noting that a set of reforms will benefit from Germany's support program, particularly in terms of business climate and investment promotion, whether for small and medium-sized enterprises (SMEs) or start-ups, through guarantee lines or interest rate subsidies to facilitate SME financing.

For his part, Schmidt-Bremme said that the signing of these arrangements in the area of finance and credit is part of a strategic partnership to support cooperation between the two countries in the fields of renewable energy, water and sustainable economy, noting that "the impressive package of nearly four billion dirhams" to which these arrangements relate is part of a cooperation portfolio between Germany and Morocco amounting to 20 billion dirhams.

MAP 05 February 2019