Agadir – Adam Boehler, the CEO of the US International Development Finance Corporation (DFC), has announced “a $100 million fund to focus on market opportunities and tackle endemic problems in Morocco that need innovative solutions driven by local entrepreneurs.”
The fund is a result of a new partnership between the DFC and the Small Business Assistance Fund (SEAF).
It will support small and medium-sized businesses in Morocco operating in the sectors of agriculture, healthcare, water, sanitation, and clean energy.
The initiative is part of a $5 billion budget the DFC will inject into Morocco and other North African countries, with the aim of promoting private investment and supporting entrepreneurship undertaken by the Moroccan government.
Boehler also recalled that a branch of Prosper Africa, a US initiative seeking to promote trade between the US and Africa, will soon open in Rabat. The branch will mainly focus on international investments in French-speaking African countries.
The Prosper Africa office in Rabat will be the first of its kind in Morocco. But it is very likely to be the first of many initiatives that will turn Morocco into a regional economic hub.
Under the Prosper Africa program, North African and sub-Saharan African countries will receive up to $500 million in funding, over the period of five years.
Using Morocco as a centralised economic hub, the DFC, in collaboration with partners such as the US Agency for International Development (USAID), will seek to create thousands of new jobs and manage billions of dollars in exports and investments.