The Board of Directors of the African Development Bank (AfDB) Group approved financing of 120 million euros (€M) to support Morocco's Governance and Climate Change Resilience Support Programme (GCRRP) - Phase 1.
The main objective of this program is to implement reforms guaranteed to boost the Moroccan economy and consolidate its resilience to exogenous factors including climate change, says the AfDB in a press release.
In this regard, the Bank is supporting major economic and sectoral governance reforms, in particular the current reform of public enterprises, the same source said.
In the context of repositioning the development model, the PGRCC will help refocus the public sector on its strategic and regulatory functions and carry on its role as a catalyst for private investment and economic competitiveness.
By supporting the transition to a sustainable development approach, the second objective of the program is to help reduce the volatility of the macroeconomic framework in relation to exogenous factors, including climate.
In this respect, it will support the government's efforts to strengthen governance, improve the water sector's performance, and implement a favorable framework for renewable energy development.
The AfDB noted that Morocco has carried out major structural reforms over the 2010-2020 decade. The Kingdom has invested considerably in infrastructure, with public investment increasing from MAD 167 to 335 billion over the 2011-2023 period.
The level of growth remains dependent on rainfall and fluctuations in energy prices, a situation with an impact on the growth trajectory, and increasing macroeconomic volatility.
