The African Development Bank supports the Moroccan economy with more than 300 million euros to enhance entrepreneurship and combat climate change.
The Board of Directors of the African Development Bank has approved funding exceeding 300 million euros for Morocco, aimed at supporting entrepreneurship, enhancing economic governance, and increasing resilience against climate changes.
This funding will implement two main programs aimed at revitalizing the Moroccan economy, achieving professional inclusion, and enhancing competitiveness.
The bank has approved financing of 181.8 million euros for the second phase of the program to support economic governance and resilience against climate change, which aims to strengthen the Moroccan economy in the face of external shocks, particularly climatic ones, by modernizing the water and energy sectors and encouraging investment as part of the new investment charter, in line with the new development model’s objectives.
Additionally, the bank has authorized a second funding of 119 million euros for the entrepreneurship support and financing program aimed at creating job opportunities, focusing on promoting very small and medium enterprises, enhancing mechanisms for financing entrepreneurship, and encouraging employment projects, especially for youth and women.
Ashraf Tarsim, the resident representative of the African Development Bank Group in Morocco, confirmed that these two programs enhance economic competitiveness and reflect the bank’s commitment to support national policies aimed at creating job opportunities and achieving sustainable economic development.
It is noteworthy that the African Development Bank Group has invested over 15 billion euros over the past fifty years to finance more than 150 projects and programs in Morocco, covering vital areas such as transportation, energy, water, agriculture, social protection, and governance.
