AfDB provides Morocco over €300 Mln to enhance economic competitiveness & climate change resilience

The African Development Bank (AfDB) has approved a financing package of over €300 million for Morocco to support entrepreneurship, job creation, and climate resilience.

The funding aims to enhance the country’s economic competitiveness, strengthen resilience to climate change, and promote inclusive growth through skills development and entrepreneurship.

AfDB says €181.8 million will support the second phase of a Moroccan program aimed at strengthening economic governance and resilience to climate change. The goal is to boost the Moroccan economy and strengthen its resilience to external shocks. This program also seeks to enhance further competitiveness, private investment and economic resilience, by modernizing the sectors of water and energy.

The remaining funding, amounting to €119 million, will be used to promote job creation by supporting inclusive entrepreneurship and very small & medium-sized enterprises.

The AfDB says the new funding will bolster Morocco’s economy competitiveness, strengthen its resilience to external shocks, support entrepreneurship, create opportunities and jobs for young people and women.

During the past fifty years, the African Development bank injected nearly €15 billion in 150 Moroccan projects focusing on strategic sectors such as energy, agriculture, finance, transportation, social protection, water, sanitation and governance.