The African Development Bank Group (AfDB) has approved €301 million ($355 million) in new financing to reinforce Morocco’s economic stability and create job opportunities.
A funding allocation of €181.8 million has been earmarked for the second phase of economic governance and climate resilience, which will strengthen the country’s economy and build its resilience to external shocks, mainly climate change.
The programme will also contribute to consolidating Morocco’s new development model, promoting investments under the new investment charter, AfDB said in a statement.
The remaining €119 million will be directed to a programme aimed at creating jobs by developing entrepreneurship and very small and medium-sized enterprises (VSEMEs).
The initiative will improve public support mechanisms for entrepreneurs, finance inclusive entrepreneurship and strengthen incentive mechanisms for VSEs.
Over the past five decades, the AfDB has mobilised €15 billion to finance more than 150 projects and programmes in Morocco’s various sectors such as transport, social protection, water and sanitation, energy, agriculture, and social development.
