MOROCCO – The European Union will invest US$1.83 billion in Morocco to promote the green and digital transition, as part of the new European Global Gateway strategy.
The announcement was made by the President of the European Commission, Ursula von der Leyen, during her visit to Rabat.
The aid is part of an EU plan, dubbed Global Gateway, announced in September to mobilize up to US$342.8billion over 2021-2027 in support of sustainable projects that boost connectivity between the EU and its partners.
“The EU is investing US$1.83 billion in Morocco. This is a terrific opportunity for the green and digital transition. I hope that we will carry out major projects together, for the benefit of Moroccans,” said the European official in her Twitter account.
Widely seen as a competitor to China’s Belt and Road strategy, Global Gateway relies on both public and private sector investment as an alternative to Chinese loans.
This European model consists of investing, throughout the world and in particular in Africa, in both tangible and intangible infrastructures, in sustainable investments in the fields of digital technology, climate, energy, transport, health, education, and research.
This investment is to support a sustainable global recovery, taking into account the interests of the EU and the needs of its partners.
It should be noted that Morocco is the first country to receive funding under this infrastructure program.
EU President conferred with head of the Government Aziz Akhannouch and with Foreign Minister Nasser Bourita on means to strengthen the EU-Morocco strategic partnership, the global challenges facing Morocco and Europe as well as the new agenda for the Mediterranean.
Meanwhile, the EU has revealed a US$170 billion investment to African countries as part of Global gateway.
The investments will focus on objectives based on the green transition, including renewable energy generation and protecting biodiversity by stabilizing 3 million square kilometers (1.16 million square miles) of land.
There will also be support for sustainable agri-food systems. Efforts will also focus on sustainable growth and job creation.
The funding comes by way of a combination of EU funds, member state investments, and capital raised by European investment banks.