The World Bank has approved a $500 million financial package for Morocco’s jobs creation and green growth development to enhance the Kingdom’s efforts engaged for a more inclusive & resilient economy at an international juncture marked by geopolitical tensions and disruptions to energy supplies.
In a press release, the WB says this financing supports Morocco’s commitment to expand employment opportunities through improved labour market policies, and back more dynamic firms, particularly small and medium-sized enterprises (SMEs) investment in clean energy, energy efficiency, and export-oriented pharmaceutical industries.
It aims to create more opportunities for youth and women by expanding active labour market programs, reaching over 330,000 job seekers by 2029, and better aligning education and training systems with the private sector’s needs.
It will also support female labour force participation by boosting the availability of licensed childcare, adding over 40,000 new places and creating 1,200 direct jobs for women in the sector.
The WB funding will support Morocco’s measures to improve the business environment as part of a broader effort to build a more inclusive and resilient economy. Morocco is making efforts to alleviate financial distress and strengthen credit guarantee mechanisms for SMEs through Regional Investment Centers.
As Morocco works to expand its renewable energy sector, this financing will prop up the growth of energy efficiency services and positions Morocco’s pharmaceutical industry to expand its presence in international markets, with export targets growing nearly sevenfold by 2029.
