G20 gives Morocco support green light through “Compact with Africa”

The G20 meeting in Baden-Baden, Germany, approved supporting Morocco through the “Compact with Africa” project. A concrete step into intensifying partnership with Africa and helping African countries promote private investments. The Moroccan minister of Finance Mohammed Boussaid was invited along with financial representatives of other African countries to attend the meeting of the Group 20 Finance ministers and central bank governors. It was an important opportunity that provided a framework for African countries to present their development strategies.

According to Euro News, Morocco was granted support from Germany and the G20 and will benefit from the financial encouragement of its private-sector projects. Germany, as the strongest economy in the European continent, has decided to collaborate with African countries and allow their economies to flourish through financial support and partnership agreements. This initiative is translated here through “Compact with Africa”, the project that will give African countries like Morocco, Rwanda, Tunisia, Senegal and Cote d’Ivoire the opportunity to present their projects in front of the central banks of the G20 countries. This ambitious enterprise is focusing particularly on the private sector, with the aim of funding several industry sectors and infrastructure projects.

Morocco, a leading economy for Africa

«Morocco has a leading economic model that is putting the development of Africa as one of its major targets», declared Mohammed Boussaid the Minister of Finance. Contacted by Yabiladi.com Boussaid explains that the «G20 along with the central bank and the African Development Bank were aiming for the development of Africa through the promotion of private companies and firms». The initiative according to the Minister of Finance demonstrates the efficiency of the Moroccan economy. «Morocco is a safe and stable country, and more than 30 Moroccan companies are investing and conducting projects in Africa», said Boussaid, referring to the participation of Morocco in the G20 meeting.

The “Compact with Africa” project is very beneficial for Morocco since it is an active economy in the continent. It is also a chance for the G20 countries to help African countries surmount their economic and social crisis. Promoting private businesses will create jobs and prevent immigration as a result.