CashNews.co
BREAKING NEWSOctober 30, 2024 at 1:19 PM UTC
TLDR
French President Emmanuel Macron’s visit to Morocco yielded potential investment deals worth up to €10 billion, covering infrastructure, energy, and Morocco’s high-speed railway network. This marks Macron’s most economically impactful visit to the North African nation, where he highlighted Morocco’s “singular role as a gateway to Africa.”
Agreements include significant roles for French firms such as Engie, Alstom, and TotalEnergies, supporting Morocco’s ambitious plans for energy and transportation. Engie is set to lead a multi-billion-dollar investment to help Morocco’s state-owned phosphate giant OCP reach carbon neutrality by 2028.
Another major agreement involves expanding the Moroccan high-speed rail network with Alstom and others, aligned with Morocco’s role as a FIFA World Cup co-host in 2030. Macron also pledged France’s support for Morocco’s limited autonomy plan for Western Sahara, reaffirming France’s strategic alignment.
You can follow Daba’s reporting on Africa on WhatsApp. Sign up here
Key Takeaways
Macron’s visit underscored France’s intent to boost economic and diplomatic ties with Morocco amid regional tensions and strategic shifts. As Morocco positions itself as a renewable energy leader, Macron highlighted the potential for green hydrogen and energy corridors linking Morocco and Europe, cementing Morocco as a key partner. He urged European banks to reconsider their exit from Africa, arguing that such moves weaken European influence in the region. Macron also called for reforms to the IMF and World Bank, asserting the need to “reinvent” global financial systems to better reflect the interests of southern nations, signaling France’s openness to evolving multilateral governance.