Accra, Ghana – 17 February 2017 – In a major initiative to deepen bilateral relations, the two sovereign wealth funds of the Kingdom of Morocco and the Republic of Ghana have announced the signing of a Strategic Partnership Agreement (SPA) and a Memorandum of Understanding (MoU) to encourage joint investments in key sectors, with a view to promote economic growth across the region.

The agreements were signed today during a 2-day state visit to Ghana by His Majesty, King Mohammed VI of Morocco, to meet with the President Nana Addo Dankwa Akufo-Addo of Ghana to define new areas of co-operation that would serve the mutual interests of the two countries. The agreements also provide opportunities for sharing knowledge and experience between the two institutions, collaborate on research, and provide policy guidance for the management of resources.

Together, the two agreements create a formal structure to further strengthen relationships between Morocco and Ghana. They also represent a major commitment by two of Africa’s largest economies to collaborate on regional initiatives that will contribute to the continent’s development.

For instance, the MoU provides for Ghana’s active involvement in the Green Growth Investment Facility (GGIF) for Africa, an initiative launched by Ithmar Capital and the World Bank in November 2016 during the UN Framework Convention on Climate Change Conference on Parties (COP22) in Marrakech. The GGIF is the first pan-African facility dedicated to green investment in the continent.

This is part of His Majesty the King Mohammed VI’s larger regional strategy in which he has declared that Africa is the top priority in Morocco’s foreign policy with the Kingdom contributing to development projects that directly improve the lives of people in the region. Last year, the country also announced a significant initiative with the Government of Nigeria to develop a regional gas pipeline, the Trans-African pipeline, connecting the two countries.

About Ithmar Capital

Ithmar Capital is a multi-sectorial strategic investment fund owned by the Government of Morocco. It aims to promote investments in all the productive sectors of the economy and to encourage partnerships between private companies and Government institutions. Its ultimate objective is to facilitate access to funding opportunities offered by international investors to boost national development and create a dynamic economy in Morocco.

About Ghana Infrastructure Investment Fund

The Ghana Infrastructure Investment Fund (GIIF) is an independent fund wholly owned by the Republic of Ghana and established under the Ghana Infrastructure Investment Fund Act, 2014. GIIF’s mandate is to provide financial resources to manage, coordinate and invest in a diversified portfolio of infrastructure projects in Ghana for national development.