This was announced by Adam Boehler, CEO of the DFC and Executive Chairman of the Prosper Africa program, and Nasser Bourita, Minister of Foreign Affairs, on the occasion of the opening of the American consulate in Dakhla on Sunday January 10.
This branch of the American International Development Finance Corporation (DFC) will not only be used for the deployment of the Prosper Africa program throughout the Kingdom, including in the southern provinces, but also as a starting point for all its operations to the African continent. Another branch will be installed at the US Embassy in Rabat.
Prosper Africa is a government initiative aimed at Africa with the objective of making a breakthrough for American companies on the continent. It was launched in 2018 and brings together 17 US agencies, including the main US ministerial departments, in addition to Exim Bank, OPIC (Overseas Private Investment Corporation), USAID, the Millennium Challenge Corporation, among others. It is a new way of doing business that offers American and African companies and investors a comprehensive package of support from the United States government to improve their competitiveness. The Initiative deploys a strong toolbox of trade and investment services and resources that are more efficient and accessible to businesses.
The agreements signed in December by Morocco and the United States relate to a total investment of 5 billion dollars :
– Financial and technical support from the DFC for private investment projects, amounting to USD 3 billion, over the next 4 years, in Morocco and in the countries of sub-Saharan Africa, in coordination with Moroccan partners.
DFC support will take the form of direct loans, guarantees, grants, equity investments, insurance and reinsurance, and will also cover a technical assistance and related training component.
A number of areas of common interest which will benefit from the financial and technical support mobilized under this partnership have been identified, in particular:
* Energy, in particular renewable energies.
* Access to finance.
* The infrastructure.
* Support for small and medium-sized enterprises (SMEs).
* Innovation and new technologies.
– The launch of a 2X MENA initiative to catalyze $ 1 billion in investments in projects that advance women’s economic empowerment in the Middle East and North Africa.
– Morocco will serve as the regional hub for USAID’s new continent-wide trade and investment program Prosper Africa. Launched in 2021 with funding potential of up to $ 500 million over five years, this new USAID program will offer a wide range of personalized services ranging from business development and investment facilitation to support improvement of legal and regulatory frameworks. For every dollar of public funding, this new USAID program is expected to leverage more than $ 9 in private investment, generating billions of dollars in new exports and investment and creating thousands of new jobs.