The African Development Bank Group (AfDB) has given Morocco a loan of 150 million euros (approximately 176 million U.S. dollars) to renovate infrastructure and accessibility to state services, the representative of the AfDB in Morocco announced on 11th December.

The Municipal Equipment Fund, which is a subnational development finance institution that will manage the loan, will finance infrastructure and investment projects to local municipalities in the North African country, according to a statement by the representative.

The funding will allow the local municipalities to invest in sustainable infrastructure, increase access to key services, make the climate more resilient, and increase the territorial connectivity, especially in the rural regions, the statement added.

The priorities of the funding include road and transport infrastructure, drinking water supply, urban renewal, and building educational, socio-cultural, and sports facilities.

The statement cited Achraf Hassan Tarsim, the AfDB country manager in Morocco, saying that with funding, it would enhance the implementation of territorial development projects in accordance with the best environmental and social performance standards.

The bank, as indicated by the AfDB, is already undertaking more than 150 projects in different fields in the country, and its total commitments are more than 15 billion dollars.