As the 28th United Nations Conference of the Parties on Climate Change (COP28) continues in Dubai in the United Arab Emirates (UAE), recent commitments to adapt to climate change are gradually being unveiled. French Development Agency’s (AFD) commitment to Crédit Agricole du Maroc (CAM) was signed on 22 November 2023, a week before the opening of the major climate conference. The group has committed to releasing €80 million to promote sustainability and climate resilience in Morocco’s agricultural sector.
The Moroccan bank, which finances a number of sectors, including agriculture, is set to increase its impact on farmers thanks to this new loan. The funds will be granted to three types of project. Firstly, initiatives contributing to the fight against climate change, with a strong emphasis on agricultural water savings in controlled irrigation. According to the Moroccan Ministry of Agriculture, Maritime Fisheries, Rural Development and Water and Forests, between 2019 and 2022, water consumption in agriculture fell from 87.3% to 85%. The aim is to further reduce this water consumption at a time when climate change is intensifying drought.
Projects that contribute to food security in Morocco are also targeted by AFD financing. The aim is to guarantee the sustainable availability of basic foodstuffs in the Cherifian Kingdom. This strategy involves the development of sustainable agriculture in a context marked by increasing risks of soil degradation.
The Rabat-based bank will also use the financing provided by AFD to support projects promoting low-carbon agriculture in Morocco. “Faced with the effects of climate change, it is vital to finance innovative investments that contribute to the sustainability of agricultural sectors”, explains Quiterie Pincent, head of AFD’s representation in Morocco. The €80 million loan is accompanied by a €2.1 million grant, divided between technical assistance and support for innovative agricultural investments.
Source: Afrik21
