The African Development Bank has lent Morocco €434.4 million ($479 million) to help the North African country improve its resilience to energy and climate-related shocks, it said on Friday.
The loan, signed with the Moroccan government, is part of a programme aimed at improving the business environment, strengthening climate resilience, and encouraging private-sector investments, the bank said in a statement.
The financing also aims to help Morocco address the effects of the crisis in the Middle East, particularly higher energy and transport costs.
It will support reforms of state-owned enterprises, public-private partnerships and governance in the water and electricity sectors.
Last month, the bank added the Moroccan dirham to its financing toolbox with the issuance of its first bond denominated in the Moroccan currency, worth 1 billion dirhams ($100 million).
