The Board of Directors of the African Development Bank Group approved Morocco’s national strategy paper, for the period 2024-2029.
The bank stated, in a statement on the occasion of its annual meetings for the year 2024 from May 27 to 31 in Nairobi, that this new road map will serve the priorities of the Kingdom’s new development model on the horizon of 2035, and will contribute to enhancing the competitiveness of the Moroccan economy and its ability to withstand.
The same source added that it is also about supporting strong and sustainable growth and enhancing the dynamism of economic and social inclusion.
The report quoted Ashraf Tarsem, resident representative of the African Development Bank in Morocco, as saying, “This new strategy sets the course, objectives, and pace of our investments over the next five years in the Kingdom, which is our first partner on the continent with more than 12 billion euros mobilized in strategic sectors.”
According to Tarsem, the Kingdom is a source of inspiration; Because it provides evidence that with vision, capabilities and resources, it can truly become a rising country, noting that “through this new strategy, our ambition is to move to a higher level to strengthen the excellent partnership that has united us for nearly 60 years.”
This roadmap identifies two priorities: They are promoting comprehensive growth through developing skills, employability and entrepreneurship, and strengthening the resilience of the economy in the face of external shocks, by establishing sustainable infrastructure.
According to the bank, innovation is evident in the new national strategy paper, in particular, through its approach to the relationship between “water and energy,” which will enable the development of more integrated projects in order to alleviate water stress and support strong and inclusive growth.
The new strategy, which is the result of broad consultations with actors in the public and private sectors, benefits from the lessons learned from the previous strategic plan, which contributed to the great achievements Morocco has made in the field of social and economic development.
During the period 2017-2023 covered by the previous vision, the Bank mobilized approximately 3 billion euros, thus supporting Morocco’s efforts to enhance access to potable water and desalination, to modernize health infrastructure and expand access to social coverage, as well as to contribute to the continued development of Transport via roads, ports and airports with the aim of increasing movement between regions and with the world, while helping to accelerate the dynamism of advanced regionalization.
Regarding the results of the period 2017-2023, the African Development Bank contributed to ensuring access to drinking water for five million people and expanding health insurance coverage from 62 percent in 2017 to 100 percent in 2023.
On a broader scale, this vision strengthened the foundations of the industrial sector in the Kingdom by supporting the advancement of small and medium enterprises, especially in the field of export. It also contributed to increasing the capacity of solar energy generation, through the development of renewable energies, ensuring secure energy supplies.
It is worth noting that Morocco is a founding member of the African Development Bank. Since 1978, the bank has invested more than 12 billion euros in about 190 projects in the Kingdom.
Its investment portfolio includes 40 operations with a total value of 3.5 billion euros in the health, water, agriculture, transport, energy and financial sectors.
The annual meetings of the African Development Bank for the year 2024, which are scheduled to officially open next Wednesday, will be held under the slogan “Africa’s Transformation… the African Development Bank Group and the Reform of the Global Financial Structure.”
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2024-05-30 10:43:46