IsDB Supports Morocco’s Inclusive Development & Job Creation

IsDB Supports Morocco’s Inclusive Development & Job Creation

Morocco and the Islamic Development Bank (IsDB) have sealed a new partnership program focusing on inclusive economic development, competitiveness, exports and jobs creation.

The four-year action plan (2019-2022) was sealed this weekend in Marrakech on the sidelines of the 44th annual meeting of the IsDB. It was inked by President of IsDB Group Bandar Hajjar and Secretary General of the economy & finance ministry Zouhair Chorfi.

The Islamic financial institution has agreed to fund social projects worth $206 million in the North African kingdom. These projects include the National Initiative for Human Development (INDH), preschool education and territorial development.

The IsDB thus agreed to contribute $1.5 million in support of phase III of INDH and provide $93.8 million for an inclusive rural development project in the Tangiers-Tetouan-Al Hoceima region. This program seeks to improve the living conditions of rural populations.

The Islamic Development Bank also announced a $280,000 contribution for an education project in Morocco. This project aims to make education compulsory for children aged 4 to 11 years and to improve students’ academic performance through the elaboration and implementation of an integrated education model.

The 44th annual meeting of IsDB Group was marked by the royal message, which called on the Bank to increase inclusive, sustainable growth, particularly capacity building for young people and the creation of jobs.

The IsDB’s top priorities should be human resources development, support for small and medium-sized enterprises, the creation of employment opportunities for young people, the harnessing of capacities to set up social welfare networks on a broad scale, the promotion of women’s conditions and the reduction of poverty, vulnerability and regional inequalities, underlined the royal message addressed to participants.

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