Foreign direct investments (FDI) in the renewable energy sector between Morocco and Israel reached a total budget of MAD 10.2 billion, said Einat Levi, Mission to Morocco at Israel’s Foreign Affairs Ministry.
The FDI initiative was launched in Morocco by the Israeli Gandyr group in partnership with Gaia Energy Maroc, with the aim to develop opportunities available in the sector within and beyond the Moroccan market.
“Marom is a pioneer in the renewable energy space in Israel and is currently expanding its activities to other markets around the world, including Morocco,” added the Israeli Foreign Affairs Ministry’s official.
Gaia Energy has a pipeline of wind and photovoltaic projects of over 5 GW in capacity spread across nine African countries, she told.
This new partnership comes as part of the recent visit of Israel’s Economy and Industry Minister Orna Barbivaion, alongside her Moroccan-born husband on February 20.
The visit aimed to strengthen both countries’ bilateral relations in different fields, including trade and economy.
The Israeli official spent 4 days on the work trip, starting with a visit to Rabat, Casablanca, and Marrakech to explore Israeli textile and agricultural companies.
The official met on February 20 with ministers and business representatives, including Trade Minister Ryad Mezzour, with whom she signed the agreement, as well as Economy and Finance Minister Nadia Fettah Aiaoui and Economic Inclusion, Small Business, Employment, and Skills Minister Younes Sekkouri.
The bilateral relations between both countries come as a result of the strengthening of diplomatic ties in December 2020, following the US-led Abraham Accords.