IFC Managing Director Commends Morocco’s Role as a Driving Force for Development in Africa

The Managing Director of the International Finance Corporation (IFC), Makhtar Diop, praised on October 10 in Marrakech the deep ties uniting Morocco and Africa and its role as a locomotive of development on the continent.

Intervening at the signing of investment agreements between the International Finance Corporation (IFC) and Moroccan companies, Diop stated that these agreements enable the IFC to support not only these companies but Africa as a whole, as demonstrated by the $106 million loan concluded with OCP Group, the world leader in phosphate-based fertilizers, to finance its ambitious program of solar power plants and the greening of global food systems.

“Developing agriculture by investing in fertilizers will be an essential part of this development”, stressed Diop during an event held on the occasion of the World Bank (WB) Group and International Monetary Fund (IMF) Annual Meetings, in the presence of OCP Group CEO, Mostafa Terrab, several ministers, and other Moroccan and foreign high-level personalities.

IFC’s Managing Director also noted that the development of agriculture will be an essential element in the resilience of African economies in the face of macro-economic challenges.

Recalling Morocco’s response to the earthquake that struck Al Haouz region, Diop praised the Kingdom’s resilience and its enthusiastic and confident vision for the future, affirming IFC’s commitment to supporting Morocco’s reconstruction efforts.

For her part, Minister of the Economy and Finance, Nadia Fettah, praised the signing of four agreements for the financing of development projects, worth approximately $200 million, in addition to a “special project to manage the post-earthquake phase”.

Minister Alaoui stated that these agreements testify to the “exemplary partnership between the Kingdom and the IFC”, noting that this cooperation would enable a “record” amount of financing to be achieved by 2023.

The Moroccan official underlined that this dynamic is a testament to “the rigor of our economy, the dynamism of our country and its major reform plan, under the Enlightened Leadership of His Majesty King Mohammed VI”, adding the “solid” partnership between Morocco and the IFC is part of a development rationale that “covers all aspects for a more inclusive, fair, and dynamic development”. 

Minister Fettah also highlighted Morocco’s effective response to the consequences of the earthquake on all fronts, noting that “what remains to be done is to move forward in our commitment to reconstruct”.

In a similar statement, Minister for Energy Transition and Sustainable Development, Leila Benali, stated that this reconstruction is designed to take place not only in the areas affected by the earthquake, but also on a wider scale, as “it is important to instill confidence in the future” and encourage the private sector to invest in all areas.

For his part, Director of Investment and Business Climate at the Ministry of Investment, Convergence, and Evaluation of Public Policies, Ghali Sqalli, affirmed that “Morocco, under the Far-sighted leadership of His Majesty King Mohammed VI, has shown resilience and solidarity” in the aftermath of the earthquake.

Sqalli explained that solidarity is reflected in the challenge that Morocco is called upon to face, which is “the sustainable and long-term reconstruction (of the affected areas)”, pointing out that a large part of this task concerns the generation of quality jobs for local populations, in which investment is the key element.

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