AfDB loans Morocco over 300 mln USD to support industrialization program
The board of directors of the African Development Bank (AfDB) group has approved over 300 million U.S. dollars loan to support Morocco's industrialization program, Trend reported citing Xinhua.
This loan will facilitate the financing of projects promoted by small and medium-sized enterprises, MAP said quoting statement from the AfDB.
"This operation will help improve Morocco's industrial competitiveness and strengthen its integration into African and global value chains," the report said quoting Leila Farah Mokaddem, the bank's country manager in Morocco.
It will also bring the bank's overall financing to nearly 483 million dollars since 2017, the same source noted.
Since 1970, the AfDB group has invested more than 10 billion dollars in multiple strategic sectors of the Moroccan economy.
Morocco adopted in 2014 an Industrial Acceleration Plan with the aim to achieve greater productive diversification by increasing the share of industry in the country's gross domestic product by nine percent in 2020.