AfDB contributes $220 mln to Improve Industrial Competiveness in Morocco

The African Development Bank (AfDB) last week announced a contribution of $220 million to implement a results-oriented program intended to improve territorial competitiveness in Morocco.

The program, part of Morocco’s efforts to implement its industrial acceleration plan at the level of regions, is aimed at setting up new industrial poles, attracting private investors and generating new jobs, the AfDB said in a press release.

“This operation is a strategic contribution to the dynamic of advanced regionalization initiated by the Kingdom”, said AfDB Director General for North Africa, Mohamed El Azizi, noting that the enhancement of the competiveness of territories will help ensure a more sustainable and inclusive development.

Through a new generation of industrial infrastructure, the primary objective of the program will be to strengthen the contribution of regions to the process of Morocco’s industrial acceleration.

The program provides for financial incentives for small and medium-sized industrial enterprises, the aim being to improve the business environment and develop new industrial bases, to be partially funded by the AfDB contribution.

The program also seeks to promote Morocco destination internationally and attract more foreign direct investments to the kingdom’s regions.