AfDB Commits Over €300 Million to Boost Morocco’s Economic Resilience, Drive Job Creation
Rabat - The Board of Directors of the African Development Bank (AfDB) Group has approved over €300 million to support entrepreneurship, finance job creation initiatives, and fund the second phase of Morocco’s Governance and Climate Change Resilience Support Programme (GCRRP).
The €119 million entrepreneurship program will promote job creation by developing entrepreneurship and very small and medium-sized enterprises (SMEs), says the AfDB, emphasizing that this program will help to establish a results-oriented culture, particularly in terms of impact on employment.
It aims to support public schemes to accompany entrepreneurs, finance inclusive entrepreneurship, strengthen incentive mechanisms for SMEs and support innovative operational approaches to employment, adds the same source, estimating that this project will support the new roadmap for employment to promote professional integration and entrepreneurship.
With a €181.8 million investment, GCRRP II aims to boost the Moroccan economy and strengthen its resilience to external shocks, particularly climatic, says the AfDB in a press release, noting that the program will support competitiveness, private investment and economic resilience, by modernizing the key water and energy sectors.
According to the same source, the program will also help consolidate Morocco’s new development model, in particular through investment promotion under the new Investment Charter.
For over half a century, the AfDB Group has mobilized nearly 15 billion euros to finance more than 150 projects and programs in the Kingdom. These cover strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance and the financial sector.
Editorial team/le7tv
