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(Ecofin Agency) – The European Union announced it is seeking $9.18 billion to support development projects in Morocco. The information was reported last week by Oliver Varhelyi, the European Commissioner for Neighborhood and Enlargement.
The EU plans to raise the money between 2022 and 2029 from its international financial partners and the private operators in Morocco. The investments mainly target agriculture, energy transition, digital transition, water accessibility, public administration reform, and higher education.
“With this investment, we will contribute in a way that is not only financial but also deeply in the direct lives of people, giving new opportunities here in Morocco for all Moroccans,” said Oliver Varhelyi. According to him, the initiative is part of the implementation of the new Mediterranean Program and the economic and investment plan, which is the foundation of the EU-Morocco partnership. The ultimate goal is to strengthen the real economy, create jobs, make financing more accessible for SMEs, and expand bilateral cooperation.
Moreover, Rabat and the EU have initialed a new agreement on a program called “LinkUp Africa”. The latter is a $3.3 million tripartite cooperation between the Union, Morocco, and Africa. It will facilitate training and employment for young people so that they can work in their own countries.
As a reminder, in 2019, the EU granted more than $426 million to Morocco to “support reforms, inclusive development, and border management, and develop a partnership for shared prosperity.” The partners also established an association agreement under which Rabat enjoys “advanced status.”
Jean-Marc Gogbeu, intern
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