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Sunday, May 26, 2024

Morocco/KFW: Two Contracts to Fund “Support for Financial System Reforms in Morocco” Project

The Minister of Economy and Finance, Nadia Fettah, and the Director of the KFW Office in Rabat, Markus Faschina, signed on Wednesday in Rabat two financing contracts relating respectively to a loan of 150 million euros and a grant of 15M€, granted to Morocco under the second phase of the “Support for Financial System Reforms in Morocco” project.

On this occasion, the Minister stressed the importance of these funds, which are a continuation of German support, granted in 2020, under the first phase of the Project, and which aims to back the priority reform projects undertaken by the Moroccan authorities for the development of the financial sector, particularly in the areas of financial inclusion, capital markets and financial stability, the Ministry said in a statement.

Fettah also highlighted the German initiative “Partnership for Reforms”, launched as part of the “Compact with Africa” (CwA), and in which these funds are part.

In this regard, and while stressing the importance of this Initiative, the Minister stressed the perfect alignment of the CwA with the priorities of the country in terms of private sector development and promotion of local and foreign investment.

Fettah took this opportunity to recall the excellence of economic and financial cooperation relations between Morocco and Germany and the importance of continuing efforts to further raise these relations to the level of the ambitions of both countries.

The signing ceremony was attended by Robert DÖLGER – Ambassador of the Federal Republic of Germany in Morocco.

 

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