Highlights

Signing ceremony of loan and guarantee agreements with the African Development Bank : 19/12/2012

Signing ceremony of loan and guarantee agreements with the African Development Bank

The Minister of Economy and Finance, Mr. Nizar Baraka, Resident Representative of the African Development Bank, Mrs. Amani Abou-Zeid and the Director General of the National Office of Electricity and Drinking Water (ONEE), Mr. Fassi Fihri, signed Wednesday, December 19th, 2012 in Rabat, three loan and guarantee agreements and a grant agreement for the (ONEE) and the Ministry of Economy and Finance totaling approximately 605 million euros. These loan and guarantee agreements are related to transactions relating to integrated wind power plan, hydropower and rural electrification project and water supply project in the region of Marrakech for the (ONEE).  

 
In his speech, the Minister welcomed the relation between the Kingdom and the African Development Bank (ADB), which considers Morocco as the main beneficiary of this institution`s funding, with about 905 million euros for the year 2012. He in this regard, said that the signing of these agreements is part of the commitments made under the country strategy paper (CSP 2012-2016).

Mr. Baraka also welcomed the efforts made by the Bank, which is manifested through the portfolio of programs in progress, funded by the (ADB)in favor of Morocco and which includes 24 projects for a total amount of 2.2 billion euros. He also stated that the projects financed by this institution are structuring for our country.

The Resident Representative of the (ADB)pointed that the signing of three new agreements strengthens the position of the Bank as the first financial sponsor of Morocco particularly in the areas of water, Energy and Governance. Mrs. Amani AbouZeid also stressed that the level of the (ADB)commitment in Morocco is a key indicator of the dynamism and exemplary cooperation between the Bank and the Kingdom of Morocco, focus efforts and expectations in strategic sectors forthe national development.

For his part, the Director General of the ONEE welcomed the support of the (ADB) for the implementation of structuring projects in water and electricity sectors and which lie within the framework of the Government strategy.

Under this agreement, the projects that benefit from theglobal budgetof 2012 for approximately 605 million dollars are as follows:

The integrated wind power plan, hydropower and rural electrification project in the amount of  359 million together with a loan of 125 million dollars with highly concessional termson Technology Fund resources.

The drinking water supply projectin Marrakech and its neighboring regions, starting from the Al Massira dam with an amount of 150 million dollars.

The support program of the Moroccan Monetary and Financial Code received a donation of approximately 0.6 million from the Technical Assistance Fund for Middle Income Countries for the benefit of the Ministry of Economy and finance.