The African Development Bank Group (AfDB) and the General Confederation of Enterprises of Morocco (CGEM) have signed a grant agreement of US $ 560,000 to strengthen the role of the Moroccan private sector in the Kingdom’s integration dynamics in africa. The first of its kind on the continent, this partnership’s main objective is to actively support the development of Moroccan businesses in sub-Saharan Africa.
Funded through the Technical Assistance Fund for Middle Income Countries (TAF-PRI), it will concretely develop a mapping of intra-African economic and trade exchanges and organize, at the beginning of 2020, an international forum dedicated to small and medium enterprises (SMEs).
“The role of the Moroccan private sector in the African integration process is major. We are pleased to join forces with CGEM to strengthen South-South cooperation,” said Leila Farah Mokaddem, Resident Representative of the African Development Bank in Morocco. “We welcome the quality of cooperation between the two institutions,” said CGEM President Salaheddine Mezouar.
The second largest African investor in the continent, Morocco has, over the period 2013-2017, concentrated about 80% of its foreign direct investment to Africa for a total value of nearly $ 3.7 billion.