AfDB lends Morocco 200 mln USD to boost industrialization plan

The Board of Directors of the African Development Bank (AfDB) approved on Friday a loan of 200 million U.S. dollars to Morocco to boost the country’s industrialization plan, local media reported.

The loan will be directed to finance the first phase of the support program of the Industrial Acceleration Plan, the financial daily L’Economiste said on its website.

The Industrial Acceleration Plan aims by 2020 to create 500,000 new sustainable jobs and significantly increase the share of industry in GDP to 23 percent, versus 14 in 2014.

The AfDB has also approved a risk-sharing agreement amounting to 50 million dollars for the benefit of the Moroccan Central Popular Bank (BCP), the same source noted.

The program will be able to hedge a portfolio of transactions of up to 100 million dollars, supporting the equivalent of 700 million dollars of intra-African business operations over a three-year period, it pointed out.

Source: Xinhua