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Property Borders News Article
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| United States and Morocco Sign $700 Million Aid Program |
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King Mohammed VI and U.S. Ambassador John Danilovich Preside Over
Largest Compact to Date - Will Contribute $118 Million Annually to Moroccan
GDP
WASHINGTON, Aug. 31 /PRNewswire-USNewswire/ -- Today, the governments
of Morocco and the United States signed the largest Millennium Challenge
Corporation (MCC) compact to date for nearly $700 million with the goal of
stimulating sustainable economic and social growth in the North African
country.
His Majesty King Mohammed VI presided over the signing ceremony during
which MCC CEO Ambassador John Danilovich and Moroccan Minister of Finance
Fathallah Oualalou formalized $697.5 million MCC agreement.
"This grant shows that Morocco is being recognized by the United States
for its commitment to democracy, economic progress and development since
recipient countries must meet certain progressive criteria to qualify for
the program. The MCC's contribution will be funneled into projects that
fall under Morocco's National Initiative for Human Development (INDH), a
large-scale program dedicated to job creation, national literacy, health
issues and general economic development for the most needy," stated
Moroccan American Trade and Investment Center Managing Director Jean
AbiNader.
The MCC grant, to be paid out over a period of five years, seeks to
generate economic growth in Morocco by stimulating productivity and
increasing employment levels. The compact will focus on small business
creation, agricultural productivity, natural resource protection and the
enhancement and preservation of local cultures. The compact is expected to
contribute $118 million dollars annually to Morocco's GDP and to directly
assist more than 600,000 families.
"Moroccans have demonstrated their commitment to creating opportunity
in their country by developing a results-oriented program which reflects
their priorities for poverty reduction and growth," said Ambassador John
Danilovich in a statement. "Through this grant, the American people are
proud to support Morocco's efforts to improve the productivity of farmers,
fishermen, and artisans, and to increase employment opportunities for all
Moroccans. (...) We look forward to building on the strong, steadfast
partnership between Morocco and the United States throughout the
implementation of this program."
The Millennium Challenge Corporation (MCC) is a United States
Government corporation designed to partner with developing nations.
Established in January 2004, MCC is based on the principle that aid is most
effective when it reinforces good governance, economic freedom and
investments in people. MCC's mission is to reduce global poverty through
the promotion of sustainable economic growth.
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