Rabat: The African Development Bank (AfDB) has committed more than £300 million to bolster Morocco’s economic resilience and foster job creation. The initiative includes a £119 million entrepreneurship program focused on developing entrepreneurship and supporting very small and medium-sized enterprises (SMEs). The program is designed to instill a results-oriented culture, specifically targeting employment impact.

According to Agence Marocaine De Presse, the program seeks to bolster public schemes that support entrepreneurs, finance inclusive entrepreneurship, and enhance incentive mechanisms for SMEs. Additionally, it will back innovative operational approaches to employment, aligning with the new roadmap for employment to promote professional integration and entrepreneurship in Morocco.

The AfDB’s investment includes £181.8 million dedicated to the GCRRP II, which aims to strengthen the Moroccan economy and its ability to withstand external shocks, particularly those related to climate change. The initiative focuses on enhancing competitiveness, encouraging private investment, and reinforcing economic resilience by modernizing key sectors such as water and energy.

The program is also expected to support Morocco’s new development model, with specific emphasis on investment promotion as per the new Investment Charter. Over the past fifty years, the AfDB Group has mobilized nearly 15 billion euros to finance more than 150 projects and programs across various strategic sectors in the Kingdom, including transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector.