France backs Morocco’s south with major €150M investment

Investments worth an estimated 150 million euros are set to be implemented in Morocco’s southern provinces by the French Development Agency (AFD).

According to Moroccan government friendly The North African Post, AFD’s CEO, Rémy Rioux, stated on the 10th of May at a press briefing in Laayoune that “the AFD Group will now invest in the southern regions, bringing both investments and financing.”

The CEO stated that AFD can add additional expertise and financing to the region, which has already seen major investments.

Rioux explained how “deeply impressed” he was with the quality of infrastructure in the region, which he believes will help create jobs and broaden the expectations of Moroccan youth in the south.

He praised the growth of private businesses and industrial developments in Laayoune-Sakia El Hamra.

According to him, AFD’s financial commitments to the southern provinces deliver a powerful message to economic partners by providing crucial funding options.

New investment comes in the wake of a handful of deals and partnerships which Morocco has been making this year as it looks to strengthen its economy.

One key development of relations with Europe came as Italy’s ambassador to Morocco, Armando Barucco, in March shared his belief that Morocco is a “genuine hub” between Africa and Europe.

This identity as a hub between Europe and Africa has set up Morocco as a key country in which European partners and companies can give backing to invest their money within the country.

Such backing was shown by the UK government ruling in favour of business freedom in Morocco’s southern provinces, allowing UK companies to freely operate in the region.

Now with AFD coming into the southern regions, investment in Morocco is seen as a viable and flourishing opportunity, as companies will see international recognition of the country by the likes of Italy and the UK as significant confidence for economic developments.

The North African Post/Maghrebi.org