RABAT, Dec. 11 (Xinhua) -- The African Development Bank Group (AfDB) has approved a 150-million-euro (about 176 million U.S. dollars) loan for Morocco to upgrade infrastructure and improve access to public services, the AfDB representative in Morocco said on Thursday.
The loan will be managed by the Municipal Equipment Fund, a subnational development finance institution responsible for financing infrastructure and investment projects for local municipalities in the North African country, according to a statement by the representative.
The funding will enable local municipalities to invest in sustainable infrastructure, enhancing access to essential services, improving climate resilience, and boosting territorial connectivity, particularly in rural areas, the statement added.
Road and transport infrastructure, drinking water supply, urban renewal, and the development of educational, socio-cultural, and sports facilities are among the priorities of the funding.
Achraf Hassan Tarsim, the AfDB's country manager for Morocco, was quoted by the statement as saying that the funding would strengthen "the deployment of territorial development projects in line with the highest environmental and social performance standards."
According to the AfDB, the bank is currently implementing over 150 projects across various sectors in the country, with total commitments exceeding 15 billion dollars.
