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Rabat – The Spanish Prime Minister, Pedro Sanchez, has announced a credit line of $879.48 million (€800 million) to deepen Rabat-Madrid’s bilateral cooperation through investments in Morocco.
The credit line seeks to finance joint projects in Morocco, Sanchez made the announcement during the Morocco-Spain Economic Forum on Wednesday.
The forum is part of the high-level meeting, convening senior officials from both Spain and Morocco.
Sanchez landed in Morocco yesterday evening, leading a large delegation from Spain to Rabat.
Speaking about cooperation between the two countries, Sanchez said that Rabat and Madrid share a mutual ambition to move towards “progress in terms of bilateral relations, in particular with the 24 agreements that will be signed.”
The agreements will range from developing renewable energy to building water desalination plants and infrastructure.
The signing is set to take part on the second day of the high-level meeting, which concludes today.
Sanchez also recalled that Spain is the third largest foreign investor in Morocco, emphasizing that ties between the two countries are in the interest of Rabat, Madrid, and the whole EU.
Morocco’s government has also expressed satisfaction with the development of the Morocco-Spain cooperation.
On Wednesday, King Mohammed VI conveyed Morocco’s satisfaction with the new positive dynamic during a phone call with Sanchez prior to his arrival in Morocco.
For the monarch, Sanchez’s visit will serve as an “opportunity to further strengthen bilateral relations through concrete actions marked by the tangible projects in strategic areas of common interest.”
