Sanchez to unveil 800 million euro investment for Morocco

Spain’s Prime Minister Pedro Sanchez is set to announce an 800 million euro ($869 million) line of credit for Spanish investment in Morocco, as Spain seeks to mend diplomatic and trade relations with the North African country.

Sanchez is set to sign the line of credit and 20 agreements, ranging from the development of renewable energy to the construction of desalination facilities and infrastructure, on February 2nd, during his visit to Rabat, Bloomberg reported on February 1^st.

Spain’s efforts to boost trade come at a time when relations between Morocco and France, the former colony, remain tense.

“This improves the chances, through which our companies can get good contracts in many sectors,” Spanish Trade and Industry Minister María Reyes Maroto told reporters, at the start of two days of high-level government meetings.

Western countries are racing to support relations with important allies in the fields of security and energy in Africa, after the Russian invasion of Ukraine, to counter the growing influence of Russia and China across the continent.