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Morocco World
3 days ago
- Business
- Morocco World
African Development Bank Approves €300 Million for Morocco Economic Programs
Rabat — Morocco has received confirmation of over €300 million of funding from the African Development Bank (AfDB). The AfDB's Board of Directors has approved the funding to assist the North African country in boosting its economy and creating jobs. The bank will provide €181.8 million for the second phase of the Program to Support Economic Governance and Climate Change Resilience (PGRCC II), designed to strengthen the country's economy and help it withstand external shocks, particularly those related to climate change. PGRCC II is designed to focus on improving competitiveness, encouraging private investment, and building economic resilience by modernizing key water and energy sectors. Meanwhile, the program also aims to support Morocco's new development model, especially through promoting investment under the country's new Investment Charter. The second program concerning the Support and Financing Program for Entrepreneurship and Job Creation (PAFE-Jobs) will receive the remaining €119 million. The initiative targets job creation by developing entrepreneurship and supporting very small and medium enterprises (VSMEs). The processing of PAFE-Jobs is designed to establish a results-focused culture, particularly regarding employment impact, to strengthen public support systems for entrepreneurs, finance inclusive entrepreneurship, enhance incentive mechanisms for VSMEs, and back innovative approaches to employment. According to the AfDB, this project will support Morocco's new employment roadmap to promote professional integration and entrepreneurship. Achraf Tarsim, head of the AfDB Group's country office for Morocco, commented on how the two programs work together. 'These two new operations act in synergy and active complementarity to strengthen their reach,' Tarsim said, explaining that they combine their objectives to consolidate economic competitiveness, strengthen resilience against shocks, and drive strong investment and entrepreneurship dynamics. 'These are all levers that create opportunities and jobs for young people and women,' Tarsim noted. The AfDB has maintained a strong partnership with Morocco for more than 50 years. During this period, the bank has mobilized nearly €15 billion to finance over 150 projects and programs in the country. These interventions cover strategic sectors including transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector. Tags: AFDBAfDB in Moroccodevelopmentfunding
Morocco World
23-05-2025
- Business
- Morocco World
Morocco, AfDB Target €2.9 Billion Major Projects Optimization
Doha – Morocco and the African Development Bank are consolidating their strategic partnership to accelerate major development projects through an ambitious portfolio review of €2.9 billion in structural investments. The review aims to maximize the effectiveness of 32 ongoing projects and strengthen their alignment with national priorities. According to a statement from AfDB, nearly three billion euros in operations are currently underway in Morocco to launch key projects and reforms that enhance the North African country's competitiveness and attractiveness. 'This figure reflects the excellence, depth, and vitality of our partnership,' said Achraf Tarsim, AfDB's Country Manager for Morocco, during the launch of the portfolio performance review. The initiative brings together a hundred representatives from the government, the Bank Group, and project management units from ministries and administrations for a comprehensive two-day workshop. Their primary objective focuses on maximizing deployment efficiency of ongoing projects while reinforcing convergence with national priorities. The participatory approach centers on results-oriented outcomes, as the workshop will develop a portfolio improvement plan targeting socio-economic impact on the ground for the benefit of populations. During the opening day, participants will concentrate on formulating a recommendation matrix to strengthen operational efficiency. This document will propose targeted actions for stakeholders, including the Bank, national authorities, and operational teams, to optimize overall portfolio performance. 'Our meeting with all actors in the public action ecosystem reflects the shared will to amplify the socio-economic impact of projects on the ground, for the benefit of populations,' Tarsim explained. Following this foundational work, second-day discussions will define implementation modalities for the portfolio improvement plan. These discussions will align recommendations with Morocco's national priorities and Sustainable Development Goals (SDGs). The comprehensive review will identify main challenges encountered in project execution while proposing solutions to remove constraints, optimize processes, and strengthen coordination between different intervention levels. This strategic exercise takes place within the context of accelerating the country's development projects. The initiative ensures relevance, coherence, and effectiveness of the Bank's multisectoral interventions across Morocco. Half-century partnership foundation The current partnership builds on a foundation spanning more than five decades of collaboration between Rabat and the AfDB Group. The Bank has maintained a presence in Morocco since 1970, with the first project financed in the drinking water and sanitation sector in 1978. From that initial intervention through 2022, nearly 180 operations across different sectors were deployed by the Bank, representing total financing of $12 billion. By the end of 2022, the Bank's active portfolio totaled nearly $4 billion, encompassing commitments across energy and multisectoral operations, social and human development, private sector initiatives, water and sanitation, transport infrastructure, and agricultural development. Over this extended period, the Bank has mobilized nearly €15 billion to finance over 150 projects and programs in Morocco. These interventions cover strategic sectors including transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector. Read also: African Development Bank: Morocco Sets Water Engineering Standard for Africa Tags: AFDBthe African Development Bank (AfDB)
