The financial support aims to improve Morocco’s business environment to attract more foreign investors.
Rabat – The African Development Bank (AfDB) has approved a $220 million grant to implement a results-oriented program designed to improve territorial competitiveness in Morocco.
The program aims to set up new industrial poles, attracting private investors, and generating new jobs, the AfDB said in a press release.
This new funding comes to support Morocco in implementing its industrial acceleration plan by strengthening the contribution of regions to the process.
“This operation is a strategic contribution to the dynamic of advanced regionalization initiated by the Kingdom,” said AfDB Director General for North Africa, Mohamed El Azizi. He noted that the enhancement of the competitiveness of territories will help to ensure more sustainable and inclusive development.
The objective of the Industrial Acceleration Plan 2014-2020 is to create 500,000 direct and indirect jobs by 2020. To date, Morocco has been able to create 405,496 job opportunities, mostly in the automotive and aeronautics sectors.
Through the financial grant, the AfDB will partially fund the setting up of financial incentives for small and medium-sized industrial enterprises (SMEs), with the aim of improving the business environment and developing new industrial zones.
The program will also promote Morocco as an international destination to attract more foreign direct investments across the country.
The long-standing partnership between Morocco and the AfDB covers different strategic sectors, including energy, transport, water and sanitation, agriculture and social development.
On Wednesday, December 18, the African Development Bank (AfDB) approved a $204 million grant to improve social protection in Morocco.
The main objective of the program is to broaden social protection in Morocco to include people with disabilities, children, and vulnerable women.