African Bank of Development Approves New Moroccan Economic Strategy

The Board of Directors of the African Development Bank (ADB) Group have approved the new Moroccan Strategy document covering the period 2017-2021.

This strategy document presents a collaboration program between the ADB and Morocco for the next 5 years, stated the ADB in a press release on March 8, explaining how this strategy was conceived to support Morocco in its efforts to create an optimal environment for the development of its economy and promote resilient and inclusive growth.  

The ADB will therefore pay particular attention to the industrialization of the Moroccan economy through Small and Medium Enterprises (SMEs), and exporting sectors by financing operations capable of removing the constraints faced by SMEs in development and export sectors.

The continental financial institution will also tackle issues in employment of the most fragile populations, young people and women, particularly in rural areas, by encouraging entrepreneurship, offering better training that will match the labor market demands, and creating sustainable jobs in the agricultural sector.

Green growth is at the heart of the ADB’s strategy, which will further back up the dynamics impelled by the organization of the COP22 in Marrakech.

According to the bank, green infrastructures must be developed in order to facilitate green industrialization and renewable energies and sustainable transport should be promoted, in addition to their own industrial processes.

The bank will also support Morocco in developing its relations with the rest of Africa, accelerating  trade and investment by providing funding to private sector projects as well as trade infrastructures, such as logistics and port platforms.

To date, Morocco is the bank’s largest client and has the largest active project portfolio with 35 operations underway, representing a financial commitment of almost $ 2.5 billion.

Source : Morocco World News