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Morocco promotes cooperation within Africa with fund support

Xinhua, July 30, 2015 Adjust font size:

Morocco intends to contribute in the Casablanca based Africa50 fund with 100 million U.S. dollars and give it all facilities necessary to fulfill its mission, said the Economy and Finance Minister Mohammed Boussaid.

Speaking at the constitutive general assembly of the Africa50 fund on Wednesday, Boussaid noted that this commitment by Morocco seeks to promote cooperation within Africa.

He also underlined Africa's pressing need for infrastructure, adding that the need of African countries in this area is estimated at around 100 billion dollars annually, yet only 45 billion dollars is mobilized by African governments.

In this respect, the Moroccan minister stressed the importance of Africa50 in narrowing the infrastructure finance gap in Africa and increasing the rate of infrastructure delivery in the continent.

Morocco commends again the AfDB's decision to establish the Africa50 fund in "Casablanca Finance City" and reiterates his pledge to take all measures to facilitate the fund's job in the best conditions and ensure its success.

This initiative was ratified by African finance ministers, AfDB governors, in Marrakech in May 2013 during the bank's yearly assemblies. Endit