African Development Bank Approves €300 Million for Morocco Economic Programs
The bank will provide €181.8 million for the second phase of the Program to Support Economic Governance and Climate Change Resilience (PGRCC II), designed to strengthen the country's economy and help it withstand external shocks, particularly those related to climate change.
PGRCC II is designed to focus on improving competitiveness, encouraging private investment, and building economic resilience by modernizing key water and energy sectors.
Meanwhile, the program also aims to support Morocco's new development model, especially through promoting investment under the country's new Investment Charter.
The second program concerning the Support and Financing Program for Entrepreneurship and Job Creation (PAFE-Jobs) will receive the remaining €119 million.
The initiative targets job creation by developing entrepreneurship and supporting very small and medium enterprises (VSMEs).
The processing of PAFE-Jobs is designed to establish a results-focused culture, particularly regarding employment impact, to strengthen public support systems for entrepreneurs, finance inclusive entrepreneurship, enhance incentive mechanisms for VSMEs, and back innovative approaches to employment.
According to the AfDB, this project will support Morocco's new employment roadmap to promote professional integration and entrepreneurship.
Achraf Tarsim, head of the AfDB Group's country office for Morocco, commented on how the two programs work together.
'These two new operations act in synergy and active complementarity to strengthen their reach,' Tarsim said, explaining that they combine their objectives to consolidate economic competitiveness, strengthen resilience against shocks, and drive strong investment and entrepreneurship dynamics.
'These are all levers that create opportunities and jobs for young people and women,' Tarsim noted.
The AfDB has maintained a strong partnership with Morocco for more than 50 years. During this period, the bank has mobilized nearly €15 billion to finance over 150 projects and programs in the country.
These interventions cover strategic sectors including transport, social protection, water and sanitation, energy, agriculture, governance, and the financial sector. Tags: AFDBAfDB in Moroccodevelopmentfunding
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Morocco World
8 hours ago
- Morocco World
Morocco Tops Spain's Fresh Produce Market
Rabat – Between January and May, Morocco rose to become Spain's leading supplier of fresh fruit and vegetables by value. Official Spanish customs figures, compiled by the Federation of Associations of Producers and Exporters of Fruits and Vegetables (FEPEX), put Morocco's shipments at €834 million – a leap of 30% compared with the same period last year. In volume, France still holds first place with 549,069 tons sent to Spain, an increase of 11%. Morocco follows with 322,810 tons, up 26%. The fact that Morocco leads in value but ranks second in volume shows a decisive move towards higher-quality, better-priced produce. Spanish buyers now pay more per kilo for Moroccan goods, a sign that standards, reliability, and presentation match European expectations. Morocco's rise is thanks to years of targeted investment. Modern packing houses, certified farms, and improved logistics networks now allow exporters to meet the tight schedules and quality controls demanded in Spain. This success also comes at a moment when Spanish growers face falling domestic output and frequent climate disruptions. Importers are looking to Morocco as a stable and competitive source to fill supermarket shelves. The trend marks a historic reversal in the trade balance. Spain, long an exporter to Morocco, now depends on the North African country for a growing share of its fruit and vegetable supply. Yet, new growth brings responsibilities. Managing water resources, keeping export volumes in check, and protecting rural incomes will shape Morocco's ability to keep its lead. Morocco is facing one of its driest periods in recent years, with water scarcity pressing hard on its agricultural heartlands. Irrigation networks in key producing areas are under strain, forcing growers to adapt crop choices and farming practices. Investments in efficient watering systems, desalination, and better resource management have so far kept production on track, but the heavy dependence on limited water reserves raises questions about how long the sector can sustain its current pace of growth. Tags: ExportsMoroccoproduce exportsproduce marketSpain
Morocco World
3 days ago
- Morocco World
Morocco's Watermelon Exports Skyrocket Amid Severe Drought
Rabat – New data, shared by agriculture-focused website Hortoinfo, shows that Morocco's watermelon exports to France have soared to reach 155% increase over the last decade. The data compiled by COMTRADE said that Morocco's watermelon sales to France reached a remarkable increase of 155% between 2015 and 2024. The statistics show that Morocco's exports to France jumped from 23.96 million kilograms in 2015 to 61.13 million kilograms in 2024. The UK also bought 9.94 million kilos of watermelon from Morocco, while Spain imported 28.7 million kilos of the same produce last year. The data comes as Morocco has been grappling with a severe drought for at least six seasons in a row. Watermelons are part of a series of water-thirsty crops that Morocco still produces amid drought. During the fruit development phase, watermelons require consistent watering. Watermelons need about 1-2 inches of water per week during the development phase. To tackle drought, Morocco has been implementing a series of measures, like campaigns to ensure the rational use of water. Morocco also took several bold measures, including canceling the Eid Al Adha sacrifice ritual and banning the slaughtering of female sheep and goats to ensure herd reproduction. Several reports have shed light on the severe situation linked to water stress in the North African kingdom A study by the US-based National Drought Mitigation Center last month identified Morocco among the harvest-hot countries in the Mediterranean basin The study, carried out in partnership with the UN Convention to Combat Desertification, shows that drought has long defined Morocco's climate Dry weather became more persistent in the country since the early 1900s The report further indicates that Morocco 'should become more arid over the 21st century.' Tags: Moroccan Watermelonwatermelon production
Morocco World
5 days ago
- Morocco World
Global Food Prices Rise to Highest Level in Over Two Years
Food commodity prices around the world rose in July, hitting their highest point in more than two years. This surge came as vegetable oils spiked and meat prices reached record levels, outweighing declines in cereals, dairy, and sugar, according to the United Nations' Food and Agriculture Organization (FAO). The FAO Food Price Index, which tracks international food commodity prices, averaged 130.1 points last month, a 1.6% rise from June and the highest since early 2023. While this marks a notable rebound, the index remains almost 19% below its peak following the sharp disruptions caused by the war in Ukraine in 2022. Meat prices drove much of the increase. The FAO's meat price index reached an all-time high at 127.3 points in July. In Morocco, for instance, with drought and rising feed costs reducing national livestock, the North African country increased meat imports to stabilize supply and prices. In July, meat prices increased by 4%, while fish and seafood prices rose by 3.9%. Vegetable oils posted the largest monthly jump, with prices for palm, soy, and sunflower oils climbing amid tight global supplies and sustained demand. Rapeseed oil prices, however, eased with the arrival of new European harvests. At the same time, cereal prices eased to their lowest in nearly five years as Northern Hemisphere wheat harvests added seasonal supply. Rice prices declined by 1.8%, pressured by ample export stocks and weak buying interest. Dairy prices slipped slightly, driven by lower butter and milk powder costs that offset modest gains for cheese. Sugar prices continued their decline for the fifth straight month, despite some signs of renewed import demand, weighed down by expected higher output in Brazil and India. Morocco offers a clear example of the real-world impact behind these figures. The country has faced sharp inflation in staple food prices over recent months, making everyday essentials more expensive for consumers. Rising costs for vegetable oils and meat, key components of Moroccan diets, have especially strained household wallets. While global cereal prices have eased, Morocco's heavy reliance on imports means fluctuations and transport costs keep local prices high. Overall, the July data depict a food market still shaped by complex forces, climate conditions, geopolitical tensions, and shifting consumption patterns that directly affect countries like Morocco and millions of people worldwide. Tags: droughtFAOfood pricesinflationMorocco food prices
