Morocco, Germany Sign Three Agreements Worth €701.3Mln

Rabat - The Ministry of Economy, Finance and Administrative Reform and the Embassy of the Federal Republic of Germany in Morocco on Wednesday signed three agreements worth 701.3 million euros, made available to Morocco in the form of loans and grants. Initialled by Minister of Economy, Finance and Administrative Reform, Mohamed Benchaaboun, and the Ambassador of the Federal Republic of Germany in Rabat, Götz Schmidt-Bremme, these agreements reflect the excellence of relations of cooperation and ties of friendship between Morocco and Germany as well as the relevance of the areas of intervention of this cooperation which focuses on priority sectors of Morocco's development, including the promotion of renewable energies and energy efficiency, sustainable economic development and management of water resources, the two parties underline in a joint statement.

These agreements also mark the launch of a new pillar of development cooperation between the two countries, particularly under the "Partnership for reform" intended to support Morocco in its dynamics of the reforms undertaken, particularly in terms of financial sector reform, improvement of the business and investment climate, and strengthening of advanced regionalization, with the objective of further developing the potential of the private sector and promoting sustainable economic growth that creates jobs, the source notes. Benchaaboun and Schmidt-Bremme reaffirmed on this occasion the determination of the two countries to work together to achieve the projects identified by the signed agreements and to further strengthen Moroccan-German cooperation in these areas.