Friday, May 31st, 2013, during the Annual Meetings of the (ADB), a grant agreement was signed in Marrakech between the Kingdom of Morocco represented by His Excellency Mr. Nizar Baraka, Minister of Economy and Finance and the African Development Bank Group represented by Mr. Aly Abou-Sabaa, Vice-President, OSVP.
The donation, amounting to 536,976 UA (about 639,000 Euros), is intended to finance the support program of the modernization of the organizational framework for debt management (P-MOCOGEDE).
The overall objective of this project is to implement a new organizational framework of debt and the necessary tools to improve efficiency in the management of public debt and cash. In this regard, the aim of this project is to provide additional value to successful reforms implemented by the Moroccan government within the framework of supporting program of the development of the financial sector (PADESFI I and II) supported by the Bank.
The implementation of the P-MOCOGEDE program will enable better control of debt and cash management process as well as the risks associated to it.
The beneficiaries of this major project include: (i) the government through greater efficiency in debt and cash management by the Treasury, (ii) investors by Treasury bonds and foreign creditors that will benefit better organization of debt for the mobilization of funds in the domestic market and the international financial market and the transactions of active debt and cash flow management, (iii) technical and financial partners of Morocco have a better visibility on the management and monitoring of the country`s debt, and (v) the Moroccan population by controlling the cost of financing by the Treasury and therefore future debt burdens.
The active portfolio of the Bank is approximately 2.7 billion euros for 29 operations. As a reminder, since 2009, lending support to governance and economic and financial reforms focused on four transactions totaling $ 6.8 billion Dirham (607 million euros). As for PRI donations, they supported four projects including the subject of this ceremony, for a total of approximately 2.3 million