RABAT, Nov. 13 (Xinhua) -- Morocco and the African Development Bank (AfDB) signed a financing agreement worth 480 million U.S. dollars on Friday in Rabat to support the third phase of a program aimed at strengthening economic governance and climate resilience, according to Morocco news agency MAP.
The agreement was signed by Moroccan Minister of Economy, Finance and Public Performance Fouzi Lekjaa and AfDB Country Manager for Morocco Achraf Tarsim, the report said.
The program is designed to support structural reforms in public enterprises, improve the business climate, strengthen governance in the water and electricity sectors, and accelerate the development of renewable energy.
Speaking at the signing ceremony, Lekjaa stressed the importance of anticipating climate risks in Morocco and improving coordination among public policies, particularly in the water and energy sectors, amid growing challenges posed by droughts and floods.
For his part, Tarsim said the AfDB's support also includes investment financing and technical assistance, beyond budgetary support. ■