Germany Assists Morocco’s Economy, Development With €1.3 Billion

Rabat – Germany is providing €1.387 billion in financial support to help Morocco face its domestic COVID-19 crisis, boost the national economy, and advance development initiatives.  Morocco’s Minister of Foreign Affairs Nasser Bourita held a phone call on Tuesday with his German counterpart Gerd Muller to discuss the fruitful cooperation between Morocco and Germany in […] The post Germany Assists Morocco’s Economy, Development With €1.3 Billion appeared first on Morocco World News.

Germany Assists Morocco’s Economy, Development With €1.3 Billion
Rabat – Germany is providing €1.387 billion in financial support to help Morocco face its domestic COVID-19 crisis, boost the national economy, and advance development initiatives.  Morocco’s Minister of Foreign Affairs Nasser Bourita held a phone call on Tuesday with his German counterpart Gerd Muller to discuss the fruitful cooperation between Morocco and Germany in different fields, including efforts to fight COVID-19. The two ministers welcomed the conclusions of the latest intergovernmental development cooperation negotiations. The meetings that took place recently between the two countries resulted in a financial aid budget for Morocco of €1.387 billion, of which €202.6 million is in the form of donations. A statement from Morocco’s Ministry of Foreign Affairs announced that the budget is part of the direct support from Germany to Morocco’s efforts in the fight against COVID-19. Of the budget, €717 million will go to the National COVID-19 Fund and the Caisse Centrale de Garantie. Another €250 million will help finance the first phase of Morocco’s “Partnership for Reforms” with Germany for the period 2020-2022. The remaining sum of €420 million will help finance Morocco’s economic development projects, including sectors related to renewable energies and green hydrogen. Morocco triumphs in the renewable energy sector, which helps the country advance towards its goal to become self-sufficient in terms of electricity production. A recent report from Morocco’s Economic, Social, and Environmental Council (CESE) forecasts that the North African country has the potential to produce 96% of its electricity using renewable energy by 2050. The Moroccan foreign ministry said the partnership between Morocco and Germany has “now been consolidated through these latest commitments and its revitalized roadmap for the post-COVID-19 period.” Morocco’s government received support from several partners worldwide to help the North African country cope up with the effects of the pandemic. As of December 1, Morocco recorded 359,844 cases of COVID-19, including 310,193 recoveries and 5,915 deaths. The number of active cases in Morocco remains high, with a total of 43,736. Germany is among the countries with which Morocco shares strong diplomatic and economic ties. In July, Morocco and Germany signed three agreements worth €701.3 million to support development in Rabat. The funds, which combine loans and grants, seek to support renewable energy, water resource management, as well as sustainable economic development. Read Also: Morocco, Germany Allocate $4.3 Million to Promote Scientific Research The post Germany Assists Morocco’s Economy, Development With €1.3 Billion appeared first on Morocco World News.