The African Development Bank (AfDB) has applauded North Africa’s Morocco for driving 85% of its foreign direct investment into Africa, as well as its decision to rejoin the African Union.
Last week, the Bank’s President, Akinwumi Adesina, met with Mohammed Boussaïd, the Minister of Economy and Finance of Morocco and AfDB governor for Morocco, along with Salaheddine Mezouar, the Minister of Foreign Affairs, who is chair of COP22, taking place this year in Marrakesh.
Adesina commended the country on its relationship building and investment: “Morocco is one of AfDB’s best performing portfolios on the continent,” taking particular pleasure in the disbursement rate of 52%, the Bank said in a statement.
AfDB cooperation with Morocco “is not merely a financial relationship,” added the Moroccan Minister of Economy and Finance. “The AfDB contribution to Morocco goes beyond that.”
AFDB commends Morocco on performance
According to the Bank, one of its High 5 priorities, Lighting up and powering Africa, has been making great progress, especially with the country’s achievements in the last 20 years in regard to electrical connections.
Morocco has set the target of generating more than half of its power from renewable resources by 2030 adding that it will increase its renewable energy target from 42% by 2020 to 52% by 2030. The 42% will comprise of 2 gigawatts each of solar, wind and hydropower.
This ambitious target was set prior to the COP21 climate summit in Paris last year.
Over the past few years, Morocco has continued to drive and stimulate investment in the renewable energy industry. The country recently announced that it is gearing up for the first phase of its Concentrated Solar Power (CSP) plant, Noor 1, which was to come online last month and generate 160MW.
Adesina committed the Bank’s support for the upcoming COP22 in Marrakesh later this year: “You can count on the full support of the Bank,” which according to the Bank is already financing the extension of Marrakesh airport and is co-organising the Africa Pavilion and working very closely with the Moroccan authorities throughout the preparations for this event “on African soil”.
Featured image: The African Development Bank (AfDB)