The African Development Bank’s (AfDB) board of directors has approved a fund of €84 million to support a Moroccan project as part of its sustainable development goals.
The project seeks to boost Morocco’s economic resilience to climate change and improve the water cycle, particularly in Rabat Sale Kenitra, Marrakech Safi, Tangier Tetouan Al Hoceima, and Souss Massa, the pan-African bank said in a statement on Wednesday.
It covers four watersheds and four national parks, added the statement, which the bank released on the sidelines of the launch of its 2024 Annual Meetings in Nairobi.
The project targets 6.5 million people living in rural areas within the aforementioned regions to support the emergence of a rural middle class through the sustainable management of natural resources, the inclusive promotion of forest value chains, and the development of forestry and aquaculture entrepreneurship.
The news comes as Morocco faces challenges due to water scarcity and stress.
Recently, the North African country announced an improvement in its water situation due to a steady period of heavy rains over the past few months. But the challenges of water scarcity have largely remained in the ongoing aftermath of what many have described as the country’s worst drought and lack of rainfall crisis in the past four decades.
The AfDB-funded project, which also benefits cooperatives, small and medium-sized enterprises, and interprofessionals, will contribute to the “Forests of Morocco 2020-2030 strategy,” the bank added in its statement.
“It also promotes youth and women entrepreneurship in aquaculture and forestry sectors by facilitating access to financing, providing them with support and proximity services, and establishing three incubators for young and women agricultural entrepreneurs,” the MAP report quoted the statement as stressing.
The announcement of the new fund came just a few days after AfDB confirmed earlier this week that its Board of Directors had approved a €120 million funding to finance Morocco’s commitment towards digital transformation in the country as well as an entrepreneurial and inclusive Moroccan university program.
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