The agreement reaffirms the IFC's support for the New Development Model (NMD) and its ambitious reform program aimed at spurring post-pandemic economic recovery.

The agreement sets four areas in which the IFC will provide support over the next five years. They include supporting the implementation of the Mohammed VI Investment Fund and helping to identify high-impact projects and potential investors.

The IFC will also back up the implementation of public enterprise reform by helping to identify opportunities for private sector participation, including through public-private partnerships, and increase its support for the government's program to strengthen extensive regionalization and leading infrastructure projects for citizens in the regions.

"Morocco has put in place an ambitious recovery plan to address the impact of the pandemic. We are committed to supporting its reform program through this important agreement that will contribute to the development of a stronger and more competitive private sector and promote a green, sustainable, and equitable recovery," said IFC Managing Director Makhtar Diop.

Morocco is a priority country for the IFC in Africa, he said, noting in this regard that the International Finance Corporation has invested 251 million U.S. dollars for the year 2020 and plans to invest 300 millions for the year 2021.