The World Bank Group’s Board of Executive Directors has approved a new Country Partnership Framework (CPF) with Morocco, which will guide the financial and technical assistance program over the next six years, as well as a $700 million project to promote the country’s digital technology.
According to the WB, the North African Kingdom is at a turning point in its history and has a unique window of opportunity to create high and inclusive growth, taking advantage of positive trends in Moroccan society, including urbanization and the demographic transition.
The 2019-2024 CPF aims to support the Kingdom’s ambition of sharpening its competitive edge in the global economy while boosting shared prosperity among its population.
In alignment with the new CPF, the WB also approved a $700 million project to accelerate Morocco’s adoption of digital technology as a source of improved services, growth and jobs and as key to leading the economic transformation in the North Africa and Africa region.
“Morocco has made significant economic and social progress, which has raised the aspirations of Moroccans, especially its young people,” said Marie Françoise Marie-Nelly, World Bank Maghreb Country Director.
“The Government has launched ambitious plans to meet these aspirations, and these efforts will receive the full support of the World Bank Group.
Realizing Morocco’s tremendous potential will require investing in its youth to ensure they have the skills needed to drive the economic transformation, while unleashing the job-creating dynamism of the private sector”, added the WB representative.
The new CPF drew on consultations with the Government, private sector and civil society, as well as lessons learned from the previous Country Strategy. It identified three strategic pillars to guide World Bank Group support: promoting job creation by the private sector; strengthening human capital; and promoting inclusive and resilient territorial development.
Morocco has made steady progress over the past few years in the Doing Business Index, but SMEs continue to face obstacles limiting their growth and opportunities for job creation. The CPF will leverage the strengths of IBRD; IFC, the World Bank’s private sector window; and MIGA, the World Bank’s agency for investment guarantees.