Signing of an MOU between Morocco and the IDB
A memorandum of understanding to strengthen ties of cooperation between Morocco and the Islamic Development Bank (IDB) in supporting the efforts of socio-economic development in the Kingdom, was signed on Tuesday in Marrakech, MAP reports.
Source : https://www.marocafrik.com/english/Signing-of-an-M...
The agreement, signed by the Minister of Economy and Finance, Nizar Baraka and the President of the IDB Group Ahmed Mohamed Ali,on the sidelines of the annual meeting of the Arab Joint Financial Institutions.
It covers support for infrastructure projects and agricultural sector development in Morocco,strengthening the private sector and financing micro-projects.
The MoU also includes in the program aims to support youth employment, the NHRI and the social sector financing, securing institutional support for Islamic banking, and exchange of expertise and successful experiences between Morocco and the other members of the IDB.
Speaking on the occasion, Baraka welcomed the focus given by the IDB's efforts to Morocco socio-economic development through the funding of many projects in this direction, noting that this Memorandum of agreement will serve as an important framework for promoting cooperation between both parties.
For his part, Mr. Mohamed Ali highlighted the distinguished relations linking Morocco and the IDB, reiterating the determination of that financial institution to support economic development projects in the Kingdom.
The financial support of the IDB in Morocco focuses on strategic sectors such as agriculture, irrigation, dam construction,rural electrification, the drinking water supply, the motorway network, the promotion of trade external technical support to finance feasibility studies and institutional support, MAP concludes.
The IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in 20 October 1975.There 56 member states who have to belong to the Organisation of Islamic Cooperation (OIC) and pay their contributions to the capital of the IDB and accept its terms and conditions.
It covers support for infrastructure projects and agricultural sector development in Morocco,strengthening the private sector and financing micro-projects.
The MoU also includes in the program aims to support youth employment, the NHRI and the social sector financing, securing institutional support for Islamic banking, and exchange of expertise and successful experiences between Morocco and the other members of the IDB.
Speaking on the occasion, Baraka welcomed the focus given by the IDB's efforts to Morocco socio-economic development through the funding of many projects in this direction, noting that this Memorandum of agreement will serve as an important framework for promoting cooperation between both parties.
For his part, Mr. Mohamed Ali highlighted the distinguished relations linking Morocco and the IDB, reiterating the determination of that financial institution to support economic development projects in the Kingdom.
The financial support of the IDB in Morocco focuses on strategic sectors such as agriculture, irrigation, dam construction,rural electrification, the drinking water supply, the motorway network, the promotion of trade external technical support to finance feasibility studies and institutional support, MAP concludes.
The IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in December 1973. The Inaugural Meeting of the Board of Governors took place in 20 October 1975.There 56 member states who have to belong to the Organisation of Islamic Cooperation (OIC) and pay their contributions to the capital of the IDB and accept its terms and conditions.
Source : https://www.marocafrik.com/english/Signing-of-an-M...