African Financial Corporation (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has signed a memorandum of understanding with the Moroccan Ministry of Economy and Finance to provide project development, structuring and financing solutions in key strategic sectors renewable energy, transport, natural resources, heavy industries, and telecommunications.
The MoU strengthens the partnership after Morocco officially becomes a member of the AFC in 2021. The AFC will provide innovative financing and pragmatic solutions to strengthen Morocco’s infrastructure and industrial base, necessary to facilitate competitiveness of the domestic market and the export capacity of Moroccan companies.
Over the past decade, Morocco has adopted a proactive policy in favor of opportunities in sub-Saharan Africa and joined the African Union to position itself as a leading actor and leader in Africa’s economic development. This partnership with the AFC constitutes another crucial step in realizing this vision of making Africa a dynamic economic region where intra-African trade and job creation become synonymous with political stability and economic prosperity.
HE Nadia Fettah, Moroccan Minister of Economy and Financesaid: “This marks a major step in cooperation between Morocco and the AFC and confirms the continued commitment of the Kingdom of Morocco to the development of Africa, in accordance with the vision of His Majesty the King, by promoting South-South cooperation. »
The AFC is already in high-level discussions with several government entities in Morocco, including the Ministry of Transport and Logistics, the national rail operator, the airport authority and the Ministry of Energy Transition and Sustainable Development. Pipeline projects under discussion include the overhaul and modernization of important rail infrastructure to improve passenger and freight mobility between rural towns and the capital and reduce road congestion, as well as cooperation under the strategy renewable energy from Morocco.
Samaila Zubairu, President and CEO of the AFC, said: “This collaboration underscores our commitment to advancing Africa’s economic growth and industrialization alongside the national development and regional growth priorities of the Kingdom of Morocco. We look forward to collaborating with key public and private sector stakeholders to invest in sustainable infrastructure projects that drive rapid progress in manufacturing, import substitution and the valorization of Africa’s abundant natural resources.
AFC’s investment footprint spans 36 countries across Africa, investing US$11.5 billion in projects that combine positive social and environmental impact with superior risk-adjusted returns. The Company’s A3 Moody’s rating provides it with advantageous access to global financial markets. This underlines the confidence of African decision-makers in the role of the AFC as an essential institution for sustainable economic development. AFC recently reported exceptional financial performance in 2022, with total assets growing 23% to $10.5 billion, a 36% increase in profits to $285.9 million and a total number of 40 member countries.