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Rabat – The Fez-Meknes regional council contracted a loan of MAD 130 million ($14.5 million) from the Municipal Equipment Fund (FEC) last week to finance the building of the region’s City of Trades and Skills (CMC).
The loan will disburse MAD 70 million ($7.8 million) in 2021 and MAD 60 million ($6.7 million) in 2022.
Both the regional council and the FEC signed an agreement to open a MAD 2.2 billion ($245.7 million) line of credit. The agreement seeks to fund infrastructure projects within the Fez-Meknes region.
In total, the project has a maximum budget of MAD 370 million ($41.3 million). The FEC has allocated MAD 188.5 million ($21.05 million) for construction costs, MAD 159 million ($17.7 million) for equipment, and MAD 22.5 million (2.5 million) for planning and research.
Once completed, the CMC will serve as a regional vocational training center, featuring 82 learning paths. Of the 82 pathways, 50 are brand new while 32 are restructured programs.
The Fez-Meknes CMC will accommodate 3,140 students and provide them with “diploma training at the qualification, technician and specialized technician levels,” according to a press release.
As the CMC is divided into seven business centers, students will be able to gain practical knowledge in fields such as industry, digital and artificial intelligence, management & commerce, tourism and hospitality, personal and community services, agriculture, and crafts.
Each field will offer a simulation experience for students to gain hands-on experience. Graduates of the Fez-Meknes CMC will account for 22% of the region’s labor specialists, adds the same source.
In addition to the agreement between the Fez-Meknes regional council and the FEC, the council also signed an agreement with the International Finance Corporation (IFC) for MAD 268.8 million ($30 million). The loan will focus on improving local infrastructure such as road networks.
Developing regional infrastructure is an important part of promoting jobs for regional workers and improving local economies.
The FEC has also funded similar vocational training projects in other regions of Morocco including Rabat-Sale-Kenitra and Casablanca.
