The African Development Bank Group has approved a $200 million loan for the initial phase of the Acceleration Support Program Industrialization in Morocco.
The program will seek to decrease the time needed for the industrialization of Morocco, as well as to give the country what it needs in terms of sustainable growth that is shared, through better workplace environments, more exports, support of female entrepreneurship and additional sustainability efforts for the good of the environment.
The program addresses two points the bank views as priorities: industrializing the continent of Africa and improving the quality of life for those in Africa, in addition to lining up with the 2014-20 industrial acceleration plan for the country of Morocco. The hopes are that the GDP will be increased by 14 to 23 points to create 500,000 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," Mohamed El Azizi, AfDB director general for Africa, said.
This partnership between the two parties already has 32 operations that total € 2.3 billion for transport, energy and water sectors.