“Morocco is one of the first African countries to use this innovative financing instrument that makes the disbursement cycle conditional on achieving results, while reducing transaction costs”, says AfDB in a press release.
In addition to facilitating access to the labor market for young people and women and improving the quality of employment in Morocco’s regions, this operation will help to enhance human capital by improving the skills and employability of the workforce.
“For the first time in Morocco, a training center for teachers of vocational skills training will be set up under the Program, which also provides for the creation of a second facility dedicated to entrepreneurship training,” the statement adds.
The program is also meant to support Morocco in the implementation of its strategies targeting employment promotion and vocational training upgrading.
In November, the African Development Bank lent Morocco €117 million to finance a project destined to ensure the sustainability and security of access to drinking water in several provinces, which have a combined population of 2.5 million people.
The partnership between Morocco and the AfDB, which is nearly half a century old, includes more than 160 projects worth more than $10 billion.
The funding, devoted mostly to basic infrastructure, covers several sectors including energy, water, transport, agriculture and social development.