Genesis Morocco: IFC to boost clean energy investments in Morocco

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Genesis Morocco

Project Genesis is a strategic sustainable development framework for Morocco to translate from being a net importer of energy and a country facing water shortage issues, into the number one producer both of clean renewable energy and water in the region.

Saturday, June 18, 2011    <<Home

IFC to boost clean energy investments in Morocco

The World Bank’s private sector arm, the International Finance Corporation (IFC), is looking to increase its investment in renewable energy, infrastructure and agribusiness programmes in Morocco, a bank official said this week.

The World Bank’s president Robert Zoellick said during a state visit this week said that the country’s solar plans will be a game-changer in its plans for economic reform. He confirmed that the bank will finalise preparations for the Ouarzazate solar plant, which is expected to be the first of its size in Africa.

With at least 1GW of potential solar power, Morocco and North Africa offers a tremendous platform to deliver solar power to Europe. Zoellick highlighted that harnessing this untapped green power requires close cooperation with European states and institutions.

He met with the country’s King Mohammed VI and key officials to discuss Morocco’s reform agenda within the context of the historic changes across the Middle East and North Africa. Ending his visit to Morocco, Zoellick said that the country’s economic reforms and growth could be expanded through further reform and greater civic participation.

‘Morocco’s concentrated solar power plans have the potential to be a game-changer in the production of solar energy. Solar power in Morocco is a win-win opportunity to generate green energy, foster a key innovative sector grounded in North Africa, and boost jobs,’ said Zoellick.

‘Morocco has performed well economically, but Moroccans recognise rural areas and many people have lagged behind. The country’s renewed reform plans can accelerate momentum. The reform plans will be more successful and lasting if the process draws on the creativity and energy of all parts of society.’

The IFC has already been supporting the government of the north African country for several years through public private partnerships, signing an agreement with its Ministry of Finance only last year.

The private sector arm has committed $202m to 13 companies in the country to address climate change, infrastructure and other growth sectors.

Sourced : NewNet