Africa Finance Corporation (www.AfricaFC.org), the continent’s leading provider of infrastructure solutions, has signed a Memorandum of Understanding with Morocco’s Ministry of Economy and Finance to provide project development, structuring, and financing solutions for projects in key strategic sectors, including renewable energy, transportation, natural resources, heavy industries, and telecommunications.
The MOU will strengthen the relationship once Morocco is a full member of the AFC in 2021. AFC will provide creative financing and real-world solutions to help improve Morocco’s infrastructure and industrial base, which is needed to make Moroccan businesses more competitive in their home markets and allow them to export.
Over the past ten years, Morocco has actively approached opportunities in sub-Saharan Africa. It has also rejoined the African Union to place itself as a key player and leader in Africa’s economic growth.
This partnership with AFC is an essential step toward making Africa a thriving economic area where trade within Africa and job creation are linked to political stability and economic growth.
The Moroccan Minister of Economy and Finance, H.E. Nadia Fettah, said, “This is a big step forward for cooperation between Morocco and the AFC, and it shows that the Kingdom of Morocco is still committed to Africa’s development, in line with His Majesty the King’s goal of promoting South-South cooperation.”
AFC is already talking at a high level with the Ministry of Transportation and Logistics, the National Railway Operator, the Airport Authority, and the Ministry of Energy Transition and Sustainable Development in Morocco.
Pipeline projects being discussed include renovating and improving critical railway infrastructure to make it easier for people and goods to move between rural towns and the central city and reduce traffic on the roads. Cooperation under Morocco’s renewable strategy is also being talked about.
Samaila Zubairu, President and CEO of AFC said, “This partnership shows how committed we are to promoting Africa’s economic growth and industrialization, along with the Kingdom of Morocco’s own domestic development and regional growth goals. We’re looking forward to working with key public and private sector players to invest in long-term infrastructure projects to help Africa make fast progress in manufacturing, reducing its reliance on imports and putting its many natural resources to good use.
AFC invests in 36 African countries, putting $11.5 billion into projects that have a good effect on society and the environment and give better returns than other projects. The Corporation’s investment-grade rating of A3 from Moody’s gives it good access to global capital markets.
It shows that the people who make decisions in Africa believe AFC is a critical agency for long-term economic growth. AFC reported a great financial year in 2022, with total assets up 23% to US$10.5 billion, profit up 36% to US$285.9 million, and the number of member countries hitting 40.