German Development Bank (KfW) has pledged to provide Morocco €165 million funding to continue reforming its financial system which has shown resilience to external shocks.
The KfW financial support includes a €150 million loan and a €15 million grant. Funding agreements were inked Wednesday in Rabat by Economy & Finance Minister Nadia Fettah and Head of the German Bank in Rabat Markus Faschina.
In a press release, the Moroccan minister thanked KfW for its support to the reform process initiated by Rabat to improve financial inclusion, capital markets, and financial stability.
She also praised the excellent economic and financial cooperation ties existing between Morocco and Germany, which are determined to step up partnership to serve the two countries’ interests.
The KfW support is part of the German initiative “Partnership for Reforms”, launched within the framework of the “Compact with Africa” (CwA) which aims to stimulate trade and encourage German companies to invest in the African continent.
Source: north africa post