afrol News, 3 September - The governments of Morocco and the United States on Friday 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 country.

The signing ceremony was presided over by the Moroccan King, Mohammed VI while the MCC Chief Executive Officer, Ambassador John Danilovich and Moroccan Minister of Finance Fathallah Oualalou formalized $697.5 million the 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 Managing Director of Moroccan American Trade and Investment Center (MATIC), Jean AbiNader.

“The MCC's contribution will be funnelled 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.”

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."

MCC is a United States government corporation designed to partner with developing nations. It was established in January 2004 to reinforce good governance, economic freedom and investments in people. MCC's mission is to reduce global poverty through the promotion of sustainable economic growth.

MATIC is a Washington-based non-profit trade association that promotes business and investment opportunities between Morocco and the United States.

By staff writer

© afrol News

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