Macron departs Morocco with landmark €1.5bn investment deals
By Usman Aliyu
French President Emmanuel Macron on Wednesday departed Morocco after signing several bilateral deals worth over 1.5 billion Euros investments.
The News Agency of Nigeria (NAN) reports that Macron arrived in Morocco’s capital city, Rabat on Monday for a 3-day visit, following an invitation by the King of the African Arab country, Muhammed VI.
The French president, during the state visit, reiterated the support of Paris for Morocco sovereignty on Western Sahara, alongside other speeches made to deepen the relations between the two countries.
Under the supervision of the president, France signed 22 new agreements with her erstwhile colony, which cut across critical sectors such as transportation, education, energy, culture, water, security, agriculture and climate action.
One of the agreements was to provide support for the OCP Group’s decarbonisation strategy in Morocco with investments worth 300 million Euros through the development of agricultural and food value chains in Africa.
The News Agency of Nigeria (NAN) reports that another deal is in the creation of a Morocco-France investment accelerator worth approximately 3 billion Moroccan dirhams, equivalent to 232 million Euros.
The deal also provided an equal partnership to stimulate investment throughout Morocco including the disputed southern provinces.
It also contained the creation of a 50/50 joint venture dedicated to sustainable infrastructure, with a capital of 300 million Euros.
The signings include an agreement between the CMA CGM Group, the world’s third-largest shipping company, and the Morocco’s TANGER MED, aimed at developing a container terminal in Nador West Med as part of the concession obtained by MARSA MAROC.
The deal provided for a commitment of significant volumes of 1.2 million containers to launch the Nador West Med platform and an investment of approximately 258 million Euros.
Also signed was an MoU between Moroccan Government and the SAFRAN company which is to build a maintenance and repairing site for aircraft engines.
Under this agreement, the company planned to carry out an investment project consisting of the construction and equipping of the maintenance and repair workshop of LEAP aircraft engines, with an investment worth nearly 130 million Euros.
Another declaration was between the French Development Agency (AFD) and Morocco’s National Ports Agency.
Through the declaration, the parties agree to devise a new support programme for the ports agency around four main points with the AFD providing 100 million Euros loan.
There was also an agreement on the National Water Strategy, structured around budgetary support for Morocco, aimed at strengthening the integrated management of water resources.
Under this understanding, the AFD would take the necessary steps to mobilise 100 million Euros for this programme.
Other agreements include the supply of high-speed train sets and their supporting elements as well as a declaration of intent on financial cooperation in the railway sector among several others.(NAN) (www.nannews.ng)
Edited by Ismail Abdulaziz
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