AfDB supports the modernization of the Moroccan debt management framework

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The African Development Bank Group (AfDB) has granted 619,869 euro to Morocco to finance the modernization of the country’s debt management framework. The donation agreement was signed on Friday, May 31, 2013 in Marrakesh, on the sidelines of the AfDB’s Annual Meetings.

Highlighting the quality of relations between the AfDB and Morocco, the Vice-President in charge of Sector Operations, Aly Abou-Sabaa, noted the efforts employed by the country’s authorities regarding the preparation of the project.

Abou-Sabaa said the Bank’s support will benefit the Government and investors, while contributing to the improved functioning of financial markets.

The Moroccan Minister of Economy and Finance, Nizar Baraka, co-signatory, focused on the exemplary relations between the AfDB and his country. He said he was “satisfied with the [Bank’s] support to the Moroccan economy to become a model in the sub-region.”

With this operation, the AfDB’s active portfolio in the Kingdom of Morocco comes to over 2.4 billion euros. The Bank’s support in the areas of governance as well as in the country’s economic and financial reforms totals over 600 million euros since 2009.