Germany has granted Morocco 571 million euros over the period of 2020 – 2022 to support the reform undertaken in the economic and financial sectors in Morocco and enhance the business climate in favor of SMES and start-ups.

The German capital, Berlin, hosted on Friday 29 the signature of a memorandum for the establishment of the “Partnership for Reforms” by Mohamed Benchaâboun, Morocco’s Minister of Economy, Finance and Administration Reform and his German counter part, Gerd Muller, the Federal Minister for Economic Cooperation and Development. The MoU falls within the framework of G20 Initiative “Compact with Africa.”

The support program aims at facilitating the implementation of the reforms undertaken by Morocco to improve the business and investment climate, develop the financial sector and strengthen advanced regionalization. In addition, the grant zeroes in on the prospects of the private sector and creating jobs through sustainable economic growth.

Highlighting their significance in economic and social inclusion, the program will work toward facilitating the access of to financing of small and medium-size enterprises (SMEs) and start-ups and enhancing their conditions.

The ministers who hailed the excellent bilateral relations between the two countries expressed their will to take the level of the cooperation to the next level. The Moroccan Minister praised Germany’s invitation to become part of its Partnership for Reforms, which he considered a recognition of Morocco’s desire to reform its economic climate.