Foreign funding in Morocco increased by over 108% in 2022 compared to 2021, showed annual report of the Budget Directorate within the Ministry of Economy and Finance.
Faouzi Lakjaa, Minister Delegate to the Minister of Economy and Finance overseeing the budget, described this boost in foreign funding as notably substantial in the official report.
92% of the total committed amount, reaching 24.04 billion dirhams, stemmed from multilateral sources, while the remaining 8% originated from donors within the framework of Bilateral cooperation or partnerships.”
95% of this financial commitment came in the form of loans, totaling 22.84 billion dirhams, whereas donations accounted for 5% or 1.2 billion dirhams.
The report underlined the World Bank’s pivotal role as the primary source of committed funding for Morocco in the fiscal year 2022, contributing 17.20 billion dirhams, representing 71% of the total financing.
The African Development Bank (AfDB) and the French Development Agency played significant roles, contributing 13% and 6%, respectively, of the total committed amount.
The report highlighted five new agreements between Morocco and the World Bank focused on enhancing human capital to support the “Development Policy Programme.” These agreements constituted 21% of the total committed amount, totaling 5.16 billion dirhams.
The “Efficiency Program,” a public sector performance support initiative, secured 4.3 billion dirhams, comprising 18% of the total obligations.
Projects like the “Blue Economy” and the “Economic Development Project for the Northeast Regions” received substantial funding from the World Bank, amounting to 3.4 billion dirhams and 2.58 billion dirhams, respectively.
Allocations were made for projects such as irrigation resilience and sustainability, totaling 1.79 billion dirhams.