Abidjan:The African Development Bank Group (AfDB) has approved a $487 million financing package for Morocco, aimed at accelerating economic transformation and supporting inclusive and resilient growth. This funding was announced in Abidjan as part of the third phase of the Programme to Support the Strengthening of Economic Governance and Resilience to Climate Change (PGRCC-Phase III).

According to Agence Marocaine De Presse, the program seeks to bolster the private sector’s role in investment and value creation, while the State focuses on strategic functions. Abdoulaye Coulibaly, AfDB’s Director for Governance and Economic Reforms, stated that the initiative aims to mitigate external shocks and reinforce structural reforms to enhance Morocco’s economic resilience and promote private investment.

Additionally, the AfDB’s strategic vision, guided by its Four Cardinal Points, aligns with Morocco’s strategic priorities to expedite economic transformation and resilience. Achraf Tarsim, the AfDB’s Country Manager in Morocco, emphasized the importance of continuing reforms despite external challenges to sustain economic growth and job creation.

The funding will initially concentrate on optimizing public action channels, restructuring public company portfolios, modernizing public-private partnership frameworks, and improving the business climate. It aims to foster private investment by supporting small and medium-sized enterprises, innovation, and integration into global value chains.

The second component focuses on enhancing Morocco’s climate and energy resilience by modernizing water and electricity governance and integrating climate considerations into public policy. This will aid in transitioning to a low-carbon economy.

The third phase of the program intends to consolidate previous reforms and support Morocco amid Middle East crisis impacts, such as rising energy and transport costs. The operation is part of the AfDB’s Global Energy and Fertiliser Crisis Response Framework (GEFCRF), combining counter-cyclical measures and resilience-building to maintain fiscal space, priority spending, and reform momentum.

Since 1978, the AfDB has mobilized approximately $16 billion for over 150 projects in Morocco, covering sectors like transport, energy, water and sanitation, agriculture, and social protection.