Morocco calls for new ABD approach in relations with African countries

The African Development Bank (ADB) needs to reconsider its relations with African countries and take into account the development level of each one, said Moroccan Economy and Finance Minister Fathallah Oualalou.

The Moroccan minister, who attended this May 25-27 in Cairo the annual meeting of the board of governors of the Abidjan-based bank, said the bank should take into account the fact that some African countries belong to the group of intermediary income, others are poor and there are also countries that produce oil and others that do not.

He said the bank should take into account this reality in its actions and adopt customized mechanisms and techniques.

Regarding the bank's cooperation with Morocco, Oualalou regretted the high interest rates of the past ADB loans to Morocco and said that the amounts needed to reimburse the African bank debts are higher than the loans.

The minister lauded, however, the bank's important role in promoting integrated economic development projects in the continent, citing as examples the two loans granted two weeks ago to Morocco. The loans worth $54.76 million are destined to finance an adjustment program of the Moroccan posts and telecom services and to support social projects, especially in rural areas.

For the Moroccan minister, African countries should be self-reliant, by restructuring their economies and modernizing their administration. He went on that after the bank's development program in the last five years, it is able, today, to be a "cooperation bridge" both between African countries and between those countries and developed countries.