Morocco and EBRD Sign MoU to strengthen the country’s economy

MOROCCO – Morocco has signed a memorandum of understanding with the European Bank for Reconstruction and Development (EBRD) on the organization of the bank’s annual meeting in Marrakech.

Minister Nadia Fettah Alaoui commended Morocco’s relations with the bank during a visit to Rabat by Kazuhiko Koguchi, Secretary-General of the European bank.

The minister noted the willingness of the Moroccan government to advance cooperation with the European bank to further the country’s economic development.

As the host of the 31st session of the EBRD’s annual meeting set to take place between May 10 and 12 this year, Morocco welcomed the co-organization, stressing the quality of coordination between the ministry and the bank.

The meeting is the first international event organized by Morocco since the emergence of the COVID-19 pandemic.

In a press release, the economy ministry said the meeting reflects “the confidence Morocco enjoys within its international partners, particularly in its ability to host and organize events of international scope.”

For his part, Koguchi noted that Morocco’s hosting of the international meeting also reflects the country’s resilience to showcase its attractiveness as a business center and a tourist destination.

The annual meeting demonstrates the bank’s commitment to consolidate the economies of its members, particularly after two years of the COVID-19 pandemic and the ongoing international crisis induced by the Russian invasion of Ukraine.

The EBRD Annual Meeting of the Board of Governors is traditionally accompanied by the Business Forum.

The 2022 Business Forum’s theme is “Creating Opportunities Now – Green, Equal, Digital.” It will consist of a series of panel discussions, attracting government officials, corporate executives, entrepreneurs, civil society, and media.

Morocco’s organization of the international event testifies to the strong relations between the country and the bank. 

In 2012, Morocco became a country of operations for EBRD after joining the bank as a founding member.

In 2015, the bank’s Board of Directors approved its Strategy for Morocco to promote regional and gender-inclusive economic development, increase financing of SMEs, advance the development of capital markets, and improve the efficiency and quality of infrastructure and utility services in the country.

The strategy’s implementation relies on partnerships between EBRD, the Moroccan government, EU institutions, and international financial institutions.

To date, EBRD has invested more than MAD 34.891 billion (US$3.6 billion) in 80 projects across Morocco.

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