AFDB willing to contribute to Moroccan Human Development Initiative
Morocco, Economics, 5/28/2005

President of the African Development Bank (AfDB), Omar Kabbaj said on Friday the AFDB is willing to contribute in implementing the Moroccan Initiative for Human development.

The AFDB "is ready to contribute in implementing the Moroccan Initiative for Human development," said Kabbaj at the signing ceremony of an agreement on opening an AfDB and African Development Fund office in Morocco by the end 2005.

The African bank is willing to consider and fund the sectors that will be development in line with the objectives of the initiative announced by King Mohammed VI.

The sovereign announced last week the large-scale, social policy, dubbed "National Initiative for Human Development" based on integrated programs to reduce social disparities and fight exclusion. It is designed to provide basic infrastructure to millions, from adequate housing and drinking water to health care and education.

Kabbaj also said the African development bank is ready to share expertise and know-how with the Moroccan government.

The projected office is to supervise and run AfDB funded projects in Morocco and assist the kingdom in preparing follow-up and auditing reports. It will also help in devising projects and play the role of a link between the various parties interested in Morocco.

The bank, which already has 9 offices, will open 16 other regional offices as of 2006.

Created in 1964, the AfBD is one of the five world multilateral banks for development. Its shareholders include 77 states (53 African and 24 non-African countries).

The bank extends loans to both governments and the private sector.

Last March, it extended Morocco 430 million euros in loans to finance reforms and drinking water projects.

Previous Stories:
  Morocco's financial system, among Africa's best, AfDB president   (2/12/2005)
  ADB approves 66.5 Mln Euro loan to Morocco   (11/26/2004)
  ADB should fund surveys to assess wind energy potentials in Morocco, CDER   (10/30/2004)

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