AfDB to Allocate $837 Million for Morocco After Devastating Earthquake
11:39 09.11.2023 (Updated: 11:51 09.11.2023)
The bank's chief made the announcement during his speech at the Africa Investment Forum Market Days in Marrakech, which runs from November 8-10 and brings together thousands of global investors, heads of development finance institutions, and business and government leaders to move towards closing critical investment deals.
The African Development Bank (AfDB) will disburse $837 million for a range of projects in Morocco to assist the country in rebounding from the devastation caused by the September earthquake, AfDB President Akinwumi Adesina has announced
"I wish to take the opportunity to reassure the government of the Kingdom of Morocco of our continued collective support for the recovery efforts. The African Development Bank plans to provide €782 million [$837 million] in financing for various projects in Morocco in 2023," he said.
Adesina also expressed his condolences to the government, monarch and people of Morocco for the devastation caused by the disaster two months ago, after which the attendees observed a moment of silence.
On September 9 an earthquake of magnitude 6.9 hit
Morocco 77 km to the south-west from Marrakech with the population of 839,000 people. The epicenter of the earthquake was at a depth of 10 km, followed by at least four aftershocks with magnitudes up to 4.8.
The quake killed close to 3,000 people and injured more than 5,600, according to Morocco's Interior Ministry.
In late September, Moroccan media reported that Rabat plans
to spend $11.7 billion over the next five years to rebuild earthquake-hit areas. The five-year program will reportedly cover six regions of the country with a total population of about 4.2 million.
'The Future is in Africa'
Also speaking at the forum, the AfDB chief described Africa as a "prime investment destination."
"African economies witnessed a real GDP growth of 3.8% in 2022, higher than the world average of 3.5%. Five of the six pre-pandemic top performing African countries are projected to be back in the league of the world’s 10 fastest-growing economies for 2023–2024," Adesina revealed.
He also pointed to the continent's population growth - which will account
for a quarter of the world's population by 2050 - the growth of food and agriculture, and the spread of renewable energy sources.
According to the chief, Africa has the world's largest sources of renewable energy, including hydro and solar, as well as the largest pool of green metals for the development of electric vehicles, whose value chain is estimated to grow from $7 trillion today to $57 trillion by 2050.
"So, whether it is in oil and gas, minerals and metals, renewable energy, agriculture, or the labor force that will drive the global growth, Africa is where to be," the AfDB head concluded. "As investors, put your monies where the future is. The future is in Africa."
Since its launch in 2018, the Africa Investment Forum has attracted nearly $143 billion and more than 16,500 participants, according to the event's website.