Friday, September 30, 2022

World Bank grants Morocco $180 million loan to support its agriculture

The loan aims to enhance water governance in agriculture and improve the quality of irrigation services.

• March 28, 2022
World Bank

The World Bank on Monday approved a loan of $180 million to Morocco to support its agriculture sector.

Official news agency MAP reported that the loan aims to enhance water governance in agriculture and improve the quality of irrigation services.

The report said this came as climate change put increased pressure on water resources in the North African country.

Morocco witnessed during this year a severe drought and heatwaves, which affected the agricultural sector representing 14 per cent of the country’s gross domestic product.

Morocco’s central bank expects that the country’s economy will grow by 0.7 per cent in 2022, down from 2.9 per cent in the earlier forecast and the 7.3 per cent growth in 2021. 

(Xinhua/NAN)

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