Morocco, AfDB sign three loan and guarantee agreements, donation agreement for 7 bln dirhams among others to support drinking water facility (ONEE)

Morocco and the African Development Bank (AfDB) signed, on Wednesday in Rabat, three loan and guarantee agreements and a donation agreement benefitting the state-run electricity and drinking water facility (ONEE) and the Economy and Finance Ministry for an amount of 7 billion dirhams.

The money will be used to fund the wind, water and rural electrification program (5.1 bln dirhams), and the water supply project for the Marrakech region (1.7 bln dirhams), in addition to a donation for the project in support of the elaboration of the Moroccan monetary and financial law totaling 6.5 billion dirhams.

The signing ceremony, chaired by Economy minister Nizar Baraka, was attended mainly by AfDB’s representative to Morocco Amani Abou-Zeid, Minister delegate for the budget Driss El Azami El Idrissi, and head of the ONEE Ali Fassi Fihri.

The first program is part of the government strategy to develop renewable energy, preserve the environment, ensure sustainable development and reduce economic and social differences between regions.

The second seeks to secure water supply for the Marrakech region and meet the needs for drinking and industrial water in the same area by 2030.

Concerning the donation by the Middle Income Country Technical Assistance Fund, it will be granted to the Economy and Finance ministry to elaborate the monetary and financial law meant to simplify regulations governing the Moroccan financial sector.