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France and Morocco agree to invest in Mohammed VI Fund

Representatives of the two countries met in Morocco to discuss various cooperation issues
Nadia Fettah Alaoui, Minister of Economy and Finance of Morocco

PHOTO/ARCHIVO  -   Nadia Fettah Alaoui, Minister of Economy and Finance of Morocco

Franck Riester, French Minister Delegate for Foreign Trade, travelled to Morocco and, among other activities, met with Nadia Fettah, the Minister of Economy and Finance of Morocco. During this meeting, according to medias24, several important issues of cooperation between the two countries were discussed, although the support for social protection through the French Development Agency (AFD) and, above all, the forthcoming support for the Mohammed VI Fund, stood out. The French minister commented on his Twitter account that "great prospects for cooperation are foreseen". 

"Our relationship with Morocco is historic, human, strategic and indispensable. Together, we have faced the crisis. Together with Nadia Fettah, we will respond to the challenges of decarbonisation, energy, youth inclusion and development," Riester said on Twitter. 

The Mohammed VI fund for investments is a resource that was created at the end of 2020 with the aim of recovering the economy and has a capital of 15 billion dirhams from the state budget. One of its main missions is to support production activities and provide support and financing for major investment plans, both public and private. One of the first beneficiaries of this fund is the Nador West Med industrial-port complex, which is a 50-kilometre rail link connecting Selouana to this port. The project is being financed to the tune of 3 billion dirhams. 

This complex is one of the first structuring projects in Morocco and will consist of a port infrastructure within a free zone with an industrial platform within it. Because of the coronavirus crisis, the works were delayed, and the site will not be available until 2022.

On the other hand, the French Development Agency is a group in charge of financing, accompanying and accelerating various projects to create a more just and, above all, sustainable and ecological world. Its main focuses are on creating plans for the climate, biodiversity, peace, education, cities, governance, health, etc. In addition, the firm is involved in more than 4,000 projects in the Overseas Territories and is active in 115 countries. The company joined the commitment with the Gallic country to meet the sustainable development goals developed with France for the improvement of the nation and the well-being of its citizens. In 2020, the group has invested more than 12.1 billion euros in 996 new development projects. 

El rey de Marruecos, Mohamed VI
AFP/SOURCE/ROYAL PALACE OF MOROCCO - Morocco's King Mohammed VI

One of its latest investments was in Vietnam, where a few days ago, AFD signed an agreement with Vietnam Electricity to lend 70 million euros to expand the capacity of the Hoa Binh hydroelectric power plant. The two firms have been cooperating since 2008 when the French group lent money to finance the Huoi Quang hydropower plant project, which, at the time, reduced carbon dioxide emissions. The main objective is to support the country's energy transition.  Vietnam is currently experiencing very good times in terms of the environment, as Prime Minister Pham Minh Chin reiterated that his country is very committed to sustainable growth. 

The main objective of this project is to optimise water resources in order to increase electricity production in large quantities, while improving the country's supply and stability. It is also intended to replace the production of fossil fuels, as the country emits 225,000 tonnes of carbon monoxide. 

This package is part of the Asian country's plan to improve the country's environmental and renewable energy development, in line with the government's commitment to achieve the goals proposed by the Paris Agreement.