In a significant move to bolster sustainable development and economic resilience, Morocco has secured a new funding package from the OPEC Fund for International Development aimed at supporting structural reforms in vital sectors and improving basic services for citizens.
According to a press release, Morocco will benefit from a loan of €100 million (approximately 1.8 billion dirhams) as part of the second phase of the Program for Supporting Economic Governance and Resilience to Climate Change (PGRCC II). This program focuses on enhancing reforms in the water and energy sectors, in collaboration with the African Development Bank. This funding aligns with a national strategy to promote sector-driven economic growth and support climate policies.
The announcement noted that the Board of Directors of the OPEC Fund recently approved an international financing package exceeding $1 billion to support projects in Africa, Latin America, and Asia, which include developing infrastructure, improving social services, promoting clean energy, and enhancing sustainable livelihoods.
Morocco is set to benefit from this funding alongside other African countries, including Eswatini, Lesotho, South Africa, Malawi, and Papua New Guinea, which will receive loans to support educational, transport, logistics, agriculture, infrastructure, and water and sanitation projects, through collaboration with the African Development Bank, the World Bank, and other international partners.
