Written by 3:40 pm Economy

Germany’s KfW Unlocks €257 Mln Financing Package for Morocco

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Morocco and the German KFW (Kreditanstalt für Wiederaufbau) Development Bank concluded, on December 27, in Rabat, three loan agreements totaling 250 million euros and two grants of 7 million euros, with the aim of funding three projects relating to social protection, sustainable mobility, and irrigation.

Initialed by the Minister Delegate to the Minister of Economy and Finance, in charge of the Budget, Fouzi Lekjaa, and the director of KFW’s office in Morocco, Janne Rajpar, the first project relates to a program to support the Royal social protection project through a subsidized loan of 120 million euros, accompanied by a grant of 2 million euros.

The second aims to provide financing for the Urban and Inter-urban Road Transport Reforms Support Fund (FART) through a loan of 100 million euros, accompanied by a grant of 5 million euros, which will be dedicated to promoting and financing the development of modern and climate-friendly public means of transport across Morocco.

The third portion, which consists of a 30-million euro loan, is earmarked for the project aimed at improving the efficiency of water consumption in irrigated agriculture in Sidi Mohamed Cherif Perimeter, contributing to the efficient use of regulated irrigation water.

On this occasion, Lekjaa and Rajpar praised the partnership ties between the two countries, while affirming the desire to engage in joint reflection to increase and strengthen access to KfW’s financial resources.

This meeting took place in the presence of the Minister Counselor at the German Embassy in Morocco, Stefan Bantle, and the Head of German Cooperation at the German Embassy, Monika Mlad.

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