New Delhi: The International Fund for Agricultural Development (IFAD) and the Bank Al Maghrib have agreed to mobilise €100 million in long-term financing to support rural development projects in Morocco.
The sustainable bond, issued by IFAD as part of its eighth sustainable development finance framework, will contribute to finance development projects across the world, with a focus on transforming rural areas into more productive and prosperous towns.
The proceeds from the bond issuance will be used to finance a range of initiatives aimed at promoting sustainable agriculture practices and improving access to markets and value chains for small farmers in Morocco.
The issuance of the sustainable bond is a milestone in the partnership between IFAD and Bank Al Maghrib and a clear indicator of their commitment to promoting sustainable development and improving the quality of life for rural people in developing countries, said the IFAD in a press statement.
This partnership is expected to further strengthen IFAD’s ability to deliver positive impact in rural communities through its work in developing countries.