Germany Pledges $1.5 Billion in Aid to Morocco, Boosting Development Cooperation

The two Foreign Ministers, Nasser Bourita and his German counterpart, exchanged by telephone on bilateral cooperation and welcomed the conclusions of the latest intergovernmental Development Cooperation negotiations, the same press release points out. These agreements have enabled Morocco to benefit from this significant financial support, it is indicated.

In detail, 717 million are allocated to the National Covid-19 Fund and the Central Guarantee Fund. 250 million are reserved for the first tranche of the "Partnership for Reforms", engaged between the two countries for the period 2020-2022.

As for the remaining 420 million euros, they will be used to finance large-scale economic development projects on the reform of the financial sector or development projects for renewable energies and green hydrogen, the same document specifies.