The Islamic Development Bank (IsDB) and Morocco are preparing a new partnership framework that will cover a five-year period, IsDB President Bandar Hajjar announced on Thursday in Rabat at the 2nd Public-Private Partnership Forum.
This new partnership framework will be signed on the occasion of the 44th meeting of the IsDB Annual Meetings to be held April 3-6 in Marrakesh, Morocco.
The previous financial program of this institution in favor of the Kingdom of Morocco exceeded 2.5 billion dollars.
At the 2nd Public-Private Partnership Forum, IsDB Group Chairman Bandar Hajjar of Saudi Arabia recalled that the institution’s financial contributions to the Kingdom amounted to a total of US $ 7 billion since this banking institution.
For the Tangier-Casablanca high-speed line (LGV), the IsDB contributed with $ 160 million.
Morocco is a “world leader in Public-Private Partnerships (PPP) and a model in the field,” he said, adding that the Kingdom, with its positive record in this area, should be considered by all as a “model and reference to replicate its experience” in other IsDB member countries.
Mr. Hajjar further indicated that the Forum is a good opportunity to promote dialogue between policy makers, business and the public sector on the benefits and solutions offered by PPPs, an area in which the IsDB plays a leading role as market leader and market maker.
The IsDB is particularly committed to promoting PPPs and assisting with their implementation as an alternative source of investment in infrastructure, he said, noting that, since its inception, the IsDB has supported PPP projects in its 57 member countries for billions of dollars, particularly in the areas of public services, finance, mining, energy and health.
For his part, the Moroccan Minister of Economy and Finance, Mohamed Benchaaboun, indicated that the choice of Morocco to host this Forum is a consecration of the Moroccan experience in the field of PPP, at a time when the Kingdom leads a deep reflection on a new development model and on the possibilities of strengthening the contribution of the private sector to infrastructure projects.
According to UNCTAD’s 2016 report on economic development in Africa, Morocco is the second largest country in the continent for infrastructure PPPs with $ 27.5 billion in global funding, Benchaaboun said, noting that the partnership between the Moroccan public and private sectors is not new.
Under the theme “Common Efforts for Common Objectives”, the 2nd Public-Private Partnership Forum brings together a host of experts, government officials and private investors to discuss ways to improve the legal and institutional environment. PPPs, particularly on the African continent.