The Gulf Cooperation Council’s development fund received a $1.2 billion boost today when Moroccan finance minister Nizar Baraka and The Abu Dhabi Fund for Development (ADFD) — on behalf of the UAE — signed a memorandum of understanding (MOU) . The United Arab Emirates is a region that has long been committed to aiding the development of Morocco, according to Gulf News.
Over a five-year period, $5 billion will be allocated to Morocco assisting with the sustainable development of the country’s government, as well as efforts that will elevate the socioeconomic status and standard of living for Moroccan citizens.
Gulf News reported that the $5 billion contribution will be be split between the UAE, Qata, Saudi Arabia and Kuwait.
“This grant embodies the keenness of the UAE, under the directives of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, to support and assist the Kingdom of Morocco, in line with its strong approach in carrying out sustainable development in brotherly and developing countries to enable them to overcome difficulties and challenges faced, and raise the living standards of their people,” Mohammad Saif Al Suwaidi, Acting Director-General of ADFD said in the report.
Al Suwaidi also said that plans to solidify development projects will soon be formulated. Infrastructure improvements are likely to revitalize Morocco’s roads, social service, education, health, housing and water sectors.
According to Gulf News, the ADFD and Morocco’s financial relationship dates back 37 years. Since 1976 the fund has allocated loans and managed grants that total roughly Dh2.8 billion, which supported 32 development projects in Morocco.
Upon signing the MOU, Baraka sang praises about ADFD’s unwavering support and dedication to both the social and economic uplift Morocco has experienced through grants.
“The grant will effectively support the efforts of the Moroccan government to achieve comprehensive development, ” Baraka said.
“It will be distributed to finance a number of important projects that will have a direct impact in promoting economic growth and achieve a quantum leap in the process of social and economic development in Morocco.”