(Ecofin Agency) - Morocco and Senegal have reinforced their partnership in agriculture by signing yesterday agreements at a ceremony to which were present King Mohammed VI and Senegal’s President Macky Sall.

The agreement according to Aziz Akhannouch, Morocco’s minister of agriculture is for a programme under which “Morocco is to provide Senegal its expertise and financial support so to develop its small-scale farming industry, in line with the Plan Maroc Vert. The kingdom will in fact provide four million euro to the West African nation, through four of its institutions.

One of the institutions is the Mohammed VI Foundation for sustainable development which will provide €1 million for the establishment, by Atlantic Microfinance for Africa (AMIFA) – subsidiary of the Banque Centrale Populaire, of a guarantee fund dedicated to loans given to small-scale farmers, Agrimaroc.ma reports.  

Moreover, the Crédit Agricole du Maroc will provide €1.5 million and support the system by putting its expertise in financial engineering at the service of Senegal. Another €1.5 million will be provided by the Banque Centrale Populaire Group in addition to its networks while the experience of Morocco’s ministry of agriculture in terms of project management, will be made available. According to the parties involved, the initiative will directly benefit 7,000 Senegalese farmers and ten times as much, indirectly.

Aaron Akinocho