Rabat – The African Bank for Development (AfDB) has approved a new $96.6 million loan to finance Morocco’s Results-Based Program for Improving Access to Employment (PARAAE).
Morocco’s Minister of Economy and Finance Mohamed Benchaaboun, and the resident representative of the AfDB National Office in Morocco, Leila Farah Mokaddem, signed the loan on Tuesday in Rabat.
In December 2018, AfDB granted Morocco a loan for the same amount to boost youth employment.
PARAAE supports the national employment and vocational training strategies as well as the national employment promotion plan, with the goal of improving the living conditions of the Moroccan population through inclusive access to employment and skills development.
The signing ceremony was also attended by Minister of Labor and Professional Integration Mohamed Yatim and Secretary of State for Vocational Training Mohamed El Gharass.
