Latest news with #AfDBGroup
Ya Biladi
2 days ago
- Business
- Ya Biladi
AfDB approves over 300 million euros to boost entrepreneurship and climate resilience in Morocco
The Board of Directors of the African Development Bank Group (AfDB) has approved over 300 million euros to fund the Entrepreneurship Support and Job Creation Financing Program (PAFE-emplois) and the second phase of the Economic Governance and Climate Change Resilience Support Program (PGRCC II). With a budget of 181.8 million euros, PGRCC II aims to boost the Moroccan economy and strengthen its resilience to external shocks, particularly those linked to climate change, according to an AfDB statement. The program will enhance competitiveness, private investment, and economic resilience by modernizing key sectors such as water and energy. The statement adds that the program will also contribute to consolidating Morocco's new development model, notably through the promotion of investment driven by the new Investment Charter. PAFE-emplois, with funding of 119 million euros, is designed to promote job creation by supporting entrepreneurship and the growth of very small and medium-sized enterprises (SMEs), the AfDB notes. The program will help establish a results-oriented culture, especially regarding employment outcomes. It aims to strengthen public support mechanisms for entrepreneurs, finance inclusive entrepreneurship, enhance incentives for SMEs, and promote innovative approaches to employment, the statement adds. The project is expected to support the new employment roadmap encouraging professional integration and entrepreneurship. For over half a century, the AfDB Group has mobilized nearly 15 billion euros to finance more than 150 projects and programs in Morocco. Its interventions span strategic sectors such as transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector.
Morocco World
2 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
