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    AfDB Gives Morocco $96 Million Loan to Boost Employment

    The AfDB bank granted Morocco a loan of over $96 million to boost youth employment and create new vocational training centers in the country.

    16 Dec 2018

    Rabat – The board of directors of the African Development Bank Group (AfDB) approved a $96.6 million loan Thursday for “the implementation of a results-based program to improve access to employment (PARAAE)” in Morocco.

    Morocco “is one of the first African countries to use this innovative financing instrument, which adapts the disbursement cycle to achieving results while reducing transaction costs,” the AfDB said in a statement on December 13.

    The program, according to AfDB, aims to facilitate access to the labor market for youth and women and improve employment quality in the country. It will also “contribute to enhancing human capital by improving the workforce skills and employability.”

    “Fostering job creation by supporting entrepreneurship and training is, for us, a major priority contributing to sustainable, stronger and more inclusive growth,” said Mohamed El Azizi, the AfDB’s director general for the North Africa Region.

    The program will allow, for the first time in Morocco, the establishment of a center for vocational training teachers, and a second training institution for entrepreneurship training.

    In October, King Mohammed VI gave instructions to an education committee to implement new vocational training programs, create new training centers, and to reinforce youth entrepreneurship programs.

    moroccoworldnews

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