In the village of the 16th Moroccan International Agricultural Show (SIAM), which opened on 22 April 2024 in the city of Meknes in the north of the Cherifian kingdom, Crédit Agricole du Maroc (CAM) and French Development Agency (AFD) signed two agreements in support of a new programme focusing on climate change and food security. Valued at €72 million, the initiative will also be supported by the Green Climate Fund (GCF).
Faced with the negative effects of climate change on agriculture, such as lower crop yields and changes in the ability of plants to retain and use moisture, Crédit Agricole du Maroc (CAM) wants to increase the investment allocated to farmers in order to strengthen their resilience. To achieve this, the publicly-owned Moroccan bank is counting on its new programme focusing on climate change and food security, launched at the village of the 16th edition of the Salon international de l’agriculture au Maroc (SIAM), on 22 April 2024.
Valued at 72 million euros, the initiative will be mainly supported by the French Development Agency (AFD), in line with a 10-year partnership between the financial institution and the CAM that was strengthened in Meknes, the host city of SIAM 2024, with the signing of two agreements. The agricultural showcase closes on 28 April.
Strengthening food security
Co-financed by the Green Climate Fund (GCF), this new programme for investment and innovation in sustainable agriculture in Morocco will above all promote investment to help agriculture adapt to the effects of climate change in the Kingdom of Morocco.
Farms that promote more efficient use of water in agriculture to reduce water wastage in the face of water stress, agro-ecology that minimises the use of potentially harmful agrochemical inputs, and the dissemination of species and varieties that are resilient to climate change, will be given priority when CAM grants funding. This will help to consolidate the agricultural sector with a view to strengthening food security for the population.
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“This new financing will also speed up the implementation of the Istidama program, which supports innovations in rural areas aimed at energy savings, renewable energy production, the development of organic farming and waste recovery”, AFD points out.
This new financing comes on top of the numerous loans granted to Crédit Agricole du Maroc by AFD over the years. These include 16.8 million dirhams (over €1.5 million) for farms and agro-industrial units in 2020 and a credit line of 560 million dirhams (€51 million) to support projects with an impact on sustainable development and the protection of natural resources in Morocco.
Inès Magoum
