The Crédit Agricole du Maroc (CAM) and the French Development Agency (AFD) signed two credit agreements on Monday in Meknès to finance investments contributing to the resilience and sustainability of the Moroccan economy.
The program, amounting to 70 million euros (756.86 million dirhams) in loans and 2.1 million euros (22.7 million dirhams) in technical assistance, will primarily finance investments in agricultural operations, particularly for more efficient water use in agriculture, agroecology, and the dissemination of species and varieties resilient to climate change, as stated by CAM and AFD in a joint statement.
Furthermore, it will continue the Istidama program, supporting innovations in rural areas aimed at energy savings and renewable energy production, the development of organic farming, and waste valorization, the same source indicates.
Part of the technical assistance will directly support innovative investments, alongside training and awareness-raising actions deployed on the ground for the beneficiary farmers, as well as within CAM.
Quoted in the statement, the chairman of the board of CAM, Mohammed Fikrat, noted that, thanks to this partnership, the Group will strengthen its commitment to the resilience and sustainability of Moroccan agriculture, a major lever for rural development and food security.
For her part, the director of the AFD representation in Morocco, Quiterie Pincent, expressed her satisfaction with “the deepening of the partnership with CAM on this new project that mobilizes, in part, financial resources from the Green Climate Fund.”
The CAM Group is an essential player in financing the investments necessary for ecological transition. This new funding from AFD reinforces a partnership of over 10 years between the two institutions.