US Pledges $5 Billion Investment in Morocco, Boosting North African Economic Ties

These initiatives mainly focus on the opening of a Prosper Africa office based in Morocco. Thus, through this office, the US government plans to support trade exchanges and investment projects worth $1 billion between the United States and Morocco and other North African countries over the next four years, announced DFC CEO and Prosper Africa Executive Chairman Adam Boehler in a statement.

It also involves the signing of a memorandum of understanding between the DFC and the Moroccan government, highlighting the DFC’s efforts to invest $3 billion over the next four years in projects in Morocco and co-investment with Moroccan partners for projects in sub-Saharan Africa.

In addition, the United States Agency for International Development (USAID) plans to "designate Morocco as the regional hub for North Africa for its new continent-wide trade and investment program Prosper Africa," Boehler said. Furthermore, a 2X MENA initiative will be launched to carry out investment projects worth $1 billion, in order to consolidate the economic empowerment of women in the Middle East and North Africa.

"We deeply appreciate our strong relationship with Morocco and look forward to deepening this partnership," Boehler was quoted as saying in the statement. In January 2021, the Prosper Africa Secretariat will set up a regional office in Morocco, the initiative’s first in North Africa, which will offer several opportunities to the kingdom and the region.