2 days ago
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.
