AfDB supports business climate in Morocco with $1 million grant
The African Development Bank will grant Morocco nearly one million US dollars intended to support efforts to improve the business climate and to strengthen the country’s resilience in the face of COVID-19 economic crisis by accelerating the country’s post-pandemic recovery.
The grant agreement was signed Monday by Morocco’s Ministry of Economy & Finance and the African financial institution.
In the context of the Covid-19 crisis, the main objective of this partnership is to support the improvement of the business environment in order to consolidate the Kingdom’s resilience in the face of the pandemic and to promote the recovery of its economy, the AfDB said in a press release.
“Maintaining in these times of crisis the momentum of reforms that improve the business climate is a priority to protect entrepreneurship and preserve business growth,” said Mohamed El Azizi, Managing Director of the AfDB for North Africa.
“This partnership is all the more important as it comes at a time when the Kingdom is mobilizing all of its vital forces to successfully end the crisis,” he added.
The partnership will thus help accelerate the implementation of measures to improve the business environment in Morocco. More generally, it will make it possible to support the agenda of priority reforms in the economic and social fields, to support its sectoral application and to strengthen its monitoring mechanisms through a series of thematic workshops that will promote the sharing of information. experience and good practices.
The African Development Bank has supported the Kingdom in its response to the health crisis by providing over €380 million through the Support Program for the response to Covid-19 (PARC-19) and additional funding for the Program support for improving social protection (PAAPS-FA Covid-19).
The Bank’s commitment to Morocco, one of its founding members in 1964, amounts cumulatively to more than ten billion euros, with financing covering various sectors, including health, energy, water, transport, human development, agriculture and the financial sector.
