Home Economy African Development Bank Supports Morocco’s Agriculture

African Development Bank Supports Morocco’s Agriculture

African Development Bank Supports Morocco’s Agriculture

Rabat – African Development Bank (BAD) has outlined EU 200 million loan dedicated to finance the program of support for the inclusive and sustainable development of agricultural sectors in Morocco.

The new operation aims to support job creation in rural areas through the inclusive development of agricultural value chains, the African bank said in a statement.

“This program will thus strengthen the sustainability of jobs created through green governance and even more effective management of water resources,” adds the same source, stressing that “in the continuity of the Bank’s historic support, the program will contribute to the implementation of agriculture, environment, employment, and professional training.”

Aligned with three of the Bank’s five strategic priorities, the project responds primarily to the “Feeding Africa” goal and hopes to promote the two other strategic objectives, namely “Improve life quality of the African people” and “Industrialize Africa,” according to BAD.

The agricultural support is one aspect of the 2017-2021 Country-Strategy document for Morocco, in line with its second pillar focused on improving living conditions through employment for young people, women, and men living in rural area.

The country manager of the BAD in Morocco, Leila Farah Mokaddem, highlighted how the project is projected to boost Morocco’s exports revenues to MAD 45 million by 2030 and save 990 million cubic meters of water. By 2020, it aims to mobilize MAD 4 billion of private investment in the agricultural sector to create thousands of jobs for young people and women in rural areas.

Foundational infrastructure, covering the energy, water, transport, agriculture, and social development sectors, will compose 80 percent of the total financing.

SHARE
Previous articleKing Mohammed VI Inaugurates ‘Prince Moulay Abdallah’ Hospital in Salé
Next article10-Month Prison Sentence for Woman Recording Video in Hammam