Rwanda, Morocco strengthen ties as King Mohammed VI visits

 

The RPF Inkotanyi Chairman, President Paul Kagame on Wednesday hosted the King of Morocco, Mohammed VI, who is on a three day official visit to Rwanda.

The visit to Rwanda from the Moroccan monarch is a reciprocation of a visit by the Chairman in June this year, when he had a two-day state visit to the North African state and is also aimed at strengthening ties between the two countries.

On his second day in the country, the King and President Kagame witnessed the signing of 19 agreements in a bid to strengthen ties between the two countries and create opportunities for citizens of the two nations.

The agreements were signed in the areas of foreign relations, security, finance, investments and private sector development.

Among the key pacts signed include visa exemptions for diplomatic and official passport holders signed between the minister of foreign affairs of the two countries, Louise Mushikiwabo and Salahddine Mezouar.

The two countries agreed to partner to set up a micro-finance programme providing credit to project holders and microenterprise operators.

The two governments agreed to set up an Africa Mutual Growth Investment Fund to be established in Rwanda with a capacity of $ 300 million dedicated to East Africa with the first phase totaling $50m is dedicated to Rwanda.

Moroccan pharmaceutical firm Cooper Pharma, committed to establish a manufacturing plant in Rwanda by 2019.

The firm will produce beta-lactam antibiotics which is envisaged to improve access to high- quality medicines affordable for Rwandans.

Palmerie Development Group another Moroccan institution  also agreed to partner with the development bank of Rwanda  to develop  a residential real estate project consisting of  5000 affordable housing units  with an overall investment of the project estimated at USD 68M.

Moroccan investors, Attijariwafa Bank one of Morocco’s leading banksacquired 76.19 per cent of one of Rwanda’s leading banks, Cogebanque at USD41M. 

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