Signing of a Memorandum of Understanding on Cooperation between the Ministry of Economy and Finance of the Kingdom of Morocco and the West African Development Bank

Marrakech, 12 May 2022 - Mrs. Nadia Fettah, Minister of Economy and Finance of the Kingdom of Morocco, and Mr. Serge Ekue, President of the West African Development Bank (BOAD), have signed a Memorandum of Understanding aimed at strengthening and promoting cooperation relations between Morocco and BOAD, the WAEMU development finance institution.

On this occasion, Mrs. Fettah welcomed the signing of this Memorandum of Understanding which marks a major step in the cooperation relations between Morocco and BOAD, and confirms the continued commitment of the Kingdom of Morocco to the development of the countries of the West African sub-region, as per the vision of His Majesty the King. May God assist him in promoting South-South cooperation.

In this respect, the Minister stressed that the Memorandum of Understanding entered into by and between the two parties will give more visibility to Moroccan operators wishing to explore the huge economic potential of the WAEMU region, while allowing the countries of the region to benefit from Moroccan expertise and know-how in BOAD's areas of activity.

For Mr. Ekue, "the excellent cooperation relations between our two institutions, over the past nine years, have been strengthened through a new phase that opens up today with the signing of a Memorandum of Understanding, for the great benefit of the communities of our intervention areas. In this respect, the Kingdom of Morocco and BOAD will establish a framework for exchange and will periodically define their work programme in the areas of infrastructure, energy, agriculture and food security, housing including social housing and tourism, health and education as well as the financing of micro, small and medium-sized enterprises (MSMEs) and young project proponents".

The signing of the Memorandum of Understanding, as mentioned above, will provide important business and investment opportunities for Moroccan economic operators in the West African sub-region, notably through better access to information about the pipeline of potential projects and the support of BOAD teams.

It should be recalled that the signing ceremony of the aforementioned MoU took place on the sidelines of the Annual Meeting of the Board of Governors of the European Bank for Reconstruction and Development (EBRD), held in Marrakech from 10 to 12 May 2022.

For more information:

Ministry of Economy and Finance (Morocco)

Directorate of Treasury and External Finance

Email: [email protected]

West African Development Bank (BOAD)

Communication and Public Relations Department

Email: [email protected]

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