Morocco: AfDB to inject $200M in industrial sector by 2020
(Ecofin Agency) - The African Development Bank (AfDB) will inject $200 million in Morocco’s industrial sector, by 2020. This is line with the second stage of its Support Programe for rapid industrialization in Morocco (PAAIM). With the new announcement, the institution would bring its overall contribution to the sector to $400 million.
According to AfDB’s managing director for Northern Africa, Mohamed El Azizi, "the PAAIM will help promote economic growth and boost employment in the country".
To be exact, the scheme aims at creating more than 500,000 jobs in Morocco, by 2020 and should enable the industrial sector contribute between 14% and 23% to wealth creation in the Cherifian kingdom.
Let’s recall that AfDB’s investments in Morocco at July 2017, stood at $2.75 billion across the transport, water and sanitization, power and agricultural sectors.