Credit Agricole du Maroc (GCAM) has signed a memorandum of understanding with the French Development Agency (AFD) to create a € 50 million credit line to finance agricultural projects.

The credit line will be used to finance agricultural and agri-food projects in the aspect of sustainable development and protection of natural resources.

The French Development Agency supports the financing of sustainable projects in Morocco in various fields, primarily in the fight against land degradation and the promotion of organic farming, agroforestry, the use of renewable energy sources, energy efficiency and waste management.

“This new line of credit will help agricultural project owners find more sustainable and less expensive manufacturing solutions, including reducing fossil fuel consumption and consuming water and phytosanitary products,” said Mihub Mesouagi, head of AFD Morocco.

He added that it is also a matter of moving from conventional agricultural practices to higher value-added alternative agricultural systems, such as organic farming, which relies on ecological processes, biodiversity and local-adapted cycles.