Morocco and the Islamic Development Bank (IsDB) sealed Saturday a Marrakech-based framework agreement on the strategy of a partnership covering the period 2019-2022 and focused on the development of value chains of economic sectors.
Signed at the end of the 44th IsDB annual meeting by the Secretary General of the Ministry of Economy and Finance Zouhair Chorfi and the President of the IsDB Bandar Hajjar, this framework agreement aims to determine the areas of cooperation between the Morocco and this institution for the next four years. “We have sealed a framework agreement that sets the partnership for 2022 and focuses on issues related to the competitiveness of the Moroccan economy and its integration into the global economy,” said Chorfi in a statement to the press on this occasion. He also said that on the sidelines of the meeting, several agreements were signed further strengthening the medium-term cooperation between Morocco and the IsDB, highlighting the existence of a multitude of programs focused on sectoral approaches to ultimately improve Moroccan competitiveness and exports and, in turn, job creation.
Mr. Chorfi said that, on that occasion, a 2019 step-by-step action plan of nearly $ 206 million has been developed by both parties to fund projects with a social dimension for Human Development (INDH) and preschool, and, at the same time, territorial development, stressing that the IsDB will accompany the Kingdom in its regionalization efforts to make regions new poles of development.
Meanwhile, Morocco and the IsDB have reached a technical assistance agreement on a USD 1.5 million contribution from the bank to support INDH Phase III, a convention on financing an inclusive rural development project. in the Tangier-Tetouan-Al Hoceima region of $ 93.8 million, which aims to reduce the number of households living below the poverty line through improved living conditions for the poor rural populations.
The two parties also signed a technical assistance agreement for the development of an integrated model for the development of education in Morocco with a contribution of 280,000 US dollars from the IsDB. This project aims to make access to education and education compulsory for children between 4 to 11 years old and to improve student achievement in national and international assessments through the development and implementation of implementation of an integrated model for the development of basic education.
Organized from 03 to 06 April, the 44th Annual Meeting of the IsDB Group deals with the theme of “transformation in a changing world: a journey towards the Sustainable Development Objectives”.
This theme embodies the bank’s new strategy for achieving the SDGs. To this end, the four key pillars of the IsDB’s five-year plan are: “Public-Private Partnerships”, “Science, Technology and Innovation”, “Global Value Chain” and “Islamic Finance”.