It also aims at boosting Morocco’s exports to 60 billion dirhams by 2030, head of the Moroccan agency for agricultural development (ADA) said.
This new strategy, spurred by King Mohammed VI, also provides for investment incentives and facilities to encourage young agricultural entrepreneurs, he said, adding that an agricultural insurance and social protection measures will be put in place benefiting 3 million farmers.
King Mohammed VI of Morocco had in recent months urged measures to promote the development of a rural middle class via promoting agricultural activity and making loans easier to access in the countryside.
Morocco also launched an initiative to protect its 9 million hectare forests including planting 130,000 hectares with trees in an initiative that would create 27,000 forest-related jobs.
Part of the measures to make loans easier for young entrepreneurs including those in rural areas, the preferential rate offered to young investors and project holders was set at 2% in urban areas and 1.75% in rural areas.
A special fund was created to guarantee these loans worth 6 billion dirhams with Hassan II fund for social and economic development adding 2 billion dirhams exclusively earmarked to investors in rural areas.
These measures are implemented as Morocco seeks a new development model that is geared to encourage entrepreneurship, reduce disparities and fight poverty.