Signing of a Memorandum of Understanding between Morocco and the IDB : 14/01/2015

Signing of a Memorandum of Understanding between Morocco and the IDB

The Minister of Economy and Finance, Mr. Mohamed Boussaid, signed a memorandum of understanding on  cooperation with the Chairman of the Group of the Islamic Development Bank, His Excellency Mr. Ahmed Mohamed Ali, whose objective is to strengthen the capacities of development of the countries of sub-Saharan Africa.

At the signing ceremony that took place Wednesday, January 14th 2015, at the headquarters of the Ministry of economy and finance, the Minister of Economy and Finance gave a speech in which he thanked the President of the IDB for the interest of the Bank in support of the economic and social development of Morocco.

He also stressed the importance of the signing of the memorandum of understanding on  cooperation for strengthening the capacity development of sub-Saharan African countries that provides a general framework for strategic cooperation between the Kingdom of Morocco and the IDB group in favor of the sub-Saharan African  countries especially in terms of exchange of best experiences of development in Morocco with these countries and the association of Moroccan public and private sectors in the implementation of development programs funded by the IDB in African countries to which Morocco gives special attention, , in accordance with the high guidance of his Majesty the King Mohammed VI May God glorifies Him.

Meanwhile, Dr. Ahmed Mohamed Ali, Chairman of the Islamic Development Bank Group welcomed the quality of bilateral relations between the IDB and Morocco, and underlined the interest of the IDB to the financing of Moroccan economic and social development projects. Similarly, he stressed the importance of cooperation between the IDB and the Kingdom of Morocco on the transfer of the Moroccan expertise in several areas to the African countries, members of the IDB, to contribute to their economic and social development.

Dr. Ahmed Mohamed Ali also stressed that the IDB chose Morocco first because the kingdom developed transferable skills to African countries, and then because Morocco expressed its desire to promote cooperation between African countries in particular and developing countries in general

It must be stressed that this memorandum of understanding, aims to set up a global framework for cooperation that would strengthen the capacity building for the development of African countries in financial areas, infrastructure and trade, as well as in social and institutional sectors.

Finally, it is to be recalled that the IDB is a multilateral financial institution, created in 1975 by the member States of the Organization of Islamic Cooperation in order to support their economic and social development.

During the period 2007/2014, the total volume of the IDB commitments in our country exceeded the amount of 15 MMDH, and involved various sectors including electricity, drinking water supply, roads and highways, the rail way link and ports.