Political Tensions Erupt Over Agadir's Billion Dirham Loan
The recent issuance of a billion dirham bond by the urban commune of Agadir has ignited a political firestorm, particularly between the Authenticity and Modernity Party (PAM) and the National Rally of Independents (RNI). Following a modification to the decree governing local authorities, this bond has become a focal point of contention in the electoral campaigns of both parties, as accusations and rebuttals fly in their public meetings.
During a campaign event, Hicham Mhajri, the PAM's electoral representative in Chichaoua, launched a scathing attack on RNI president Mohamed Chouki and Aziz Akhannouch, the head of the government and mayor of Agadir. Mhajri accused them of influence peddling and conflicts of interest. He specifically pointed to the financial arrangements made by the Agadir commune, claiming that Akhannouch altered the legal framework to facilitate a 50 million dirham loan from a company associated with Chouki. Traditionally, the commune had sourced its financing from the Municipal Equipment Fund (FEC).
In response to these allegations, Akhannouch defended the decree's modification during a meeting in Mzouda, Chichaoua, stating that the change aimed to broaden the funding avenues available to local authorities. He emphasized that Agadir had conducted a transparent bidding process involving the leading banks in the country, alongside the FEC, to ensure a diverse funding strategy.
Moreover, the Agadir commune made headlines in 2022 by executing Morocco's first bond issuance for a local authority, raising one billion dirhams. This funding was directed towards urban development projects under Agadir's Urban Development Program (PDU) for 2020-2024 and included repayment of debts totaling 416 million dirhams to the FEC.
As reported by fr.le360.ma.
