BRI NEWS Germany grants Morocco 571 mln euros to support reforms

BRI NEWS

Germany grants Morocco 571 mln euros to support reforms

Xinhua

21:45, December 03, 2019

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Photo: VCG

RABAT, Nov. 29 (Xinhua) -- Germany on Friday granted Morocco 571 million euros (629 million U.S. dollars) to support reforms over the period of 2020-2022. 

The grant is part of the Reform Partnership program, a bilateral contribution of Germany in the framework of the G20 Initiative "Compact with Africa," said Moroccan official news agency MAP.

A memorandum on this grant was signed on Friday in Berlin by Moroccan Minister of Finance Mohamed Benchaaboun and German Minister for Economic Cooperation and Development Gerd Muller.

The grant will support the implementation of the reforms undertaken by the North African country in terms of improving business and investment, financial sector reform and strengthening local government, the report added.

This program focuses on facilitating access to financing and improving the framework conditions for the support and the development of SMEs and start-ups, it said. 

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