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Publish Date : 18-Jul-2017

The Executive Board of the African Development Bank (AfDB) Group approved, on Friday, 14 July 2017, a loan of US $ 200 million to finance the first phase of the Acceleration Support Program Industrialization in Morocco (PAAIM I).

The main objective of this program is to accelerate the industrialization of Morocco and to consolidate the bases for a sustainable and shared growth. Improving the business environment, boosting exports and supporting the financing of industrial activities that encourage female entrepreneurship and respect for the environment are also among the objectives.

The PAAIM responds to two of the Bank's Top Five Priorities: " Industrializing Africa " and " Improving the Quality of Life of People in Africa ". It comes in support of the 2014-2020 industrial acceleration plan for Morocco , which aims to increase the diversification of the economy via new channels and thanks to SMEs and exporting sectors in particular. The plan also aims to increase the share of industry in GDP by 14 to 23 points and create half a million jobs by 2020.

"This program will give a new impetus to the industrialization movement of Morocco, which will enable the Kingdom to further strengthen its integration in the global value chains," said Mohamed El Azizi, AfDB Director General for Africa The Board of Directors to approve the program. He added: "PAAIM will help to stimulate a new dynamic of growth, creating jobs throughout the country. This is the Bank's first concrete contribution to the implementation of the Compact with Africa G20 initiative.

In March 2017, the Bank's Executive Board approved the Country Strategy Paper for the period 2017-2021, which sets out the context and strategic framework for the AfDB's work in Morocco. Thus, the Bank will articulate its interventions around two major objectives: to promote green industrialization by focusing on SMEs and exporting sectors; And improve the living conditions of Moroccans through employment, especially for young people, women and rural areas.

The partnership between the Kingdom of Morocco and the African Development Bank Group has so far 32 operations, totaling 2.3 billion in commitments in the transport, energy and water sectors And sanitation and agriculture - infrastructure alone accounts for 84% of the total.

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