United States, Morocco Sign $700 Million Aid Program

According to the Moroccan American Trade and Investment Center in a recent press release, a new aid program worth more than $700 million has been signed between the United States and Morocco.

Aimed at sustaining social and economic growth in the North African country of Morocco, the governments of the United States and Morocco signed a new Millennium Challenge Corporation Compact today for nearly $700 million. This is the largest compact ever signed to date.

This approximate $697.5 million Millennium Challenge Compact was watched by Majesty King Mohammed VI, while Fathallah Oualalou, Moroccan Minister of Finance, as well as John Danilovich, MCC CEO Ambassador, took part in the signing ceremony.

"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.

So what exactly does this MCC grant do? This grant will be aimed at increasing employment levels and productivity growth in order to generate economic growth for Morocco. Over five years, the money from this grant will be dispersed aimed at this goal. This grant will help more than 600,000 families as well as add $118 million dollars each year to Morocco's GDP. This compact is also focused on preserving local cultures as well as making them stronger, protecting natural resources, agriculture, and establishing small businesses.

"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."

This grant, which is from the United States, has actually more to do with honoring countries that take on similar governance on economic freedom, investments in people, as well as over all good governance. The United States feel this is a good start and wants to help countries like that continue to grow.

SOURCE

Moroccan American Trade and Investment Center, PRnewswire