Morocco, IDB sign Mou to support Development in Sub-Saharan Africa

Date : 14 01 2015


Rabat - Morocco and the Islamic Development Bank (IDB) signed, on Wednesday in Rabat, a Memorandum of Understanding (MoU) providing for supporting development projects in Sub-Saharan African countries.


Signed by Economy and Finance Minister Mohamed Boussaid and the IDB’s President Ahmed Mohamed Ali, the agreement will enable Morocco and the IDB to cooperate in projects aiming to provide human, administrative and technical support as well as he exchange of best practices benefiting countries in Sub-Saharan Africa.


The agreement also provides for setting up an IDB’s branch in Casablanca Finance City, the promoting Africa’s private sector investments in Morocco and funding Moroccan enterprises operating in African countries.


Speaking on this occasion, Boussaid highlighted that the IDB has invested around 15 billion dirhams in Morocco in 2007-2014 in projects pertaining to electrification, drinking water supply, roads and highways.


Boussaid also drew on the importance of the MoU with the IDB in as far as it enables the Moroccan private sector to take part in projects funded by the Bank in Sub-Saharan countries.

The IDB was established in 1975 with the aim of fostering economic and social development of countries members in the Organisation of Islamic Cooperation.