El BAfD destaca la labor de Marruecos en su desarrollo y su buena relación
Ghana's capital, Accra, was the venue for the 57th Annual Meetings of the African Development Bank (AfDB). The event was attended by the partners belonging to the institution, one of them being Morocco. During the speech of the president of the institution, Akinwumi Adesina, he emphasised the Kingdom's faithful commitment to the bank.
According to Adesina, Morocco is one of its best partners. He reaffirmed the commitment of the Maghreb country to the institution. This has been carried out through a great bond that has allowed the bank to provide aid and benefits. The institution has stressed that it has always supported the economic dynamics of the Kingdom and, therefore, has seen the great opportunity to contribute to the implementation of economic and social reforms in the Maghreb territory.
Among these projects carried out by the Kingdom and with the entity's full support, the New Development Model (NMD) stands out. This is one of Morocco's most ambitious plans to improve its system. This project aims to create more wealth among Moroccans, while strengthening their economic situation, skills and capacities. The new model aims to improve the country's economic situation and meet the government's expectations by the end of the next thirteen years, with 2035 as the target date.
Several Moroccan media have already stated that the AfDB's financial support to Morocco is of vital importance to the national economy. According to several newspapers, which have been able to leak some of the figures that move between the institution and the country, the bank's loans amount to around 4 billion dollars. This total is moved through some 40 operations per year, which are aimed at supporting projects that reinforce the Moroccan economic system.
The AfDB not only stressed its good relationship with the Kingdom, but also congratulated it on its impeccable management of the various crises that have occurred. According to the institution, Morocco has been able to recover from the coronavirus health crisis thanks to investment in the private sector and human capital. The bank claims that the Maghreb country has seen a 7.2% rebound in economic growth in 2021, which is 0.5% more than other African countries. This also suggests that the country is following the guidelines dictated by the NMD, which is considered a plan with good prospects.
However, the war in Ukraine is already reaping serious consequences. Despite the impact of the conflict, which is getting worse as it continues to drag on, the AfDB forecasts economic growth for Morocco at 1.8% this year and 3.3% by 2023. However, the Kingdom will not be spared inflation due to the ravages of war and is expected to be on the threshold of 4.4%. But this figure will only be for this year as the bank assures that Morocco will return to normal, in economic terms, by 2023.
The African Development Bank is an institution that was created in 1964 and currently has 80 member countries (54 regional and 26 non-members). Its main objective is to promote sustainable economic growth and poverty reduction on the African continent. It does this by financing programmes and projects that are carried out through loans for different economic sectors.
The partnership with Morocco is a success story, with mega-projects that have been a great benefit. These include the Noor Ourzazate complex, a solar power plant that spans more than 10 kilometres and is the largest in the world. Now, the AfDB has announced that it wants to repeat its support for such a project, and will therefore also finance the Desert To Power project. It is a plan costing more than 20 billion dollars and will replicate the strategy of using solar energy to power the more than 250 million people in the Sahel region.
