August 31, 2007
Morocco and MCC Sign $697.5 Million Grant to Spur Economic Growth, and Increase Employment Opportunities
Read the fact sheet.
Tetouan, MoroccoIn a signing ceremony today officiated by His Majesty King Mohammed VI, Chief Executive Officer of the Millennium Challenge Corporation Ambassador John Danilovich and Moroccan Minister of Finance Fathallah Oualalou signed a $697.5 million Compact designed to stimulate sustainable economic growth. During the ceremony, Moroccan Prime Minister Driss Jettou and Ambassador Danilovich delivered remarks.
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 MCC CEO Ambassador John Danilovich. I wish to express my gratitude to His Majesty King Mohammed VI and Prime Minister Jettou for their leadership throughout the development of this agreement. Through this grant, the American people are proud to support Moroccos efforts to improve the productivity of farmers, fishermen, and artisans, and to increase employment opportunities for all Moroccans.
The five-year Millennium Challenge grant seeks to increase productivity and improve employment in high potential sectors including investments in fruit tree productivity, small-scale fisheries, and artisan crafts. Small business creation and growth will be supported also by investments in financial services and support. The Compact is expected to increase Moroccos GDP by approximately $118 million annually and directly benefit a total of 600,000 families.
Ambassador Danilovich added, MCC appreciates the assistance of Ambassador Riley and his staff at the U.S. Embassy and Moroccan Ambassador to the U.S. Aziz Mekouar and his staff for their tremendous efforts to make this program a reality. 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 is a United States government agency that works in partnership with countries to develop programs that reduce poverty through the promotion of sustainable economic growth. MCC assistance is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people.