MOROCCO – U.S. International Development Finance Corporation (DFC) Chief Executive Officer and Prosper Africa Executive Chairman Adam Boehler has announced a series of efforts to expand U.S. investment in Morocco and strengthen its role as an economic hub for the continent.
In sum, these initiatives seek to mobilize US$5 billion in investments in Morocco and across the region.
They announced that the opening of a Prosper Africa office to be based in Morocco. Through the Prosper Africa initiative, the U.S. Government aims to support US$1 billion in new two-way trade and investment deals between the United States and Morocco, as well as countries across North Africa, over the next four years.
They announced the memorandum of understanding (MOU) between DFC and the Government of Morocco detailing DFC’s efforts to invest US$3 billion over the next four years for projects in Morocco and in co-investments with Moroccan partners for projects in Sub-Saharan Africa.
“We deeply value our strong relationship with Morocco and we look forward to deepening this partnership.”Adam Boehler – Executive Chairman, Prosper Africa
The U.S. Agency for International Development’s (USAID’) also announced it intention to designate Morocco as the North Africa regional hub for its new continent-wide Prosper Africa trade and investment program.
“Morocco’s leadership on the continent combined with its vibrant and growing economy make the country an ideal base for Prosper Africa as well as create exciting opportunities for DFC investment,” said Boehler.
“We deeply value our strong relationship with Morocco and we look forward to deepening this partnership.”
In January 2021, the Prosper Africa Secretariat will establish a regional office in Morocco, the initiative’s very first regional office in North Africa. The new Morocco office will leverage expertise from across 17 U.S. Government agencies and bring new resources, staff, and dedicated attention to increase two-way trade and investment between the U.S. and Morocco and across broader North Africa, helping support economic development in the region.
Launching in 2021 with the potential for up to US$500 million in funding over five years, this groundbreaking new USAID program will offer a wide range of customized services from business development and investment facilitation to support improved legal and regulatory frameworks.
For every US$1 of public funding, this new USAID program is expected to leverage more than US$9 in private investment, delivering billions of dollars in new exports and investments and creating thousands of new jobs.