Morocco-Japan Cooperation: Signing of an exchange of notes on a loan agreement to support the budget under COVID-19 response program : 02/12/2020

Morocco-Japan Cooperation: Signing of an exchange of notes on a loan agreement to support the budget under COVID-19 response program

As part of the strengthening of ties of friendship and cooperation between Morocco and Japan, the Minister of Economy, Finance and Administration Reform Mohamed Benchaâboun, and the Ambassador of Japan to Morocco Takashi Shinozuka, signed, on 2 December 2020, an exchange of notes on loan of 200 Mln dollars.

Following the signing of the exchange of notes forming the agreement between the two governments, and in order to initiate the procedures for activating this financing, the loan agreement related to this project was signed between Mr. Mohamed Benchaaboun and Mr. Yokota Keniji, Deputy Resident Representative of the Japanese Agency for International Cooperation in the Kingdom of Morocco.

Co-financed with the African Development Bank (AfDB) under the ACFA (Accelerated Co-Financing Facility for Africa) program, this budget support by Japan aims to support Morocco's efforts to face the health, social and economic crisis caused by the pandemic, by quickly making additional resources available to the Kingdom to carry out health and social emergency interventions and improve the resilience of the national economy.

Japan’s support to Morocco responds to the goals outlined in the Covid-19 response program: 1- Strengthening the health system; 2-expanding the social security system; 3- financially supporting small and mid-sized businesses.

The signing ceremony is a testament to the excellent cooperation relations and ties of friendship between Morocco and Japan, as well as the importance of the areas of intervention of this cooperation, which aligns with the priorities of the Moroccan government.

During the signing ceremony, the Moroccan Minister and Japanese Ambassador commended the quality of the relationship between the two countries and affirmed their will to work together towards consolidating bilateral ties.

It is an occasion to recall that the Japanese government, through its JICA , which has been active in Morocco for more than 50 years,  has been contributing to several cooperation programs, by supporting  Japanese yen loan projects, donations, and technical assistance, including sending Japanese volunteers.

The first yen loan under public aid for development in Morocco dates back to 1976. Since then, more than 37 loan projects have been implemented in Morocco, worth 310 billion yen (equivalent to about 27 billion dirhams) in various fields in order to support sustainable development in the country and addressing social and spatial disparities.