The Board of Directors of the African Development Bank (AfDB) has approved funding of 268 million euros to implement the second phase of the Program to Support the Acceleration of Industrialization in Morocco (PAAIM II) We learn Wednesday from the financial institution.
The aim of this program is to promote Morocco’s industrial acceleration through the deployment of industrial ecosystems, the improvement of the competitiveness of the sector’s operators and the financing of first-rate industrial economic activities, the AfDB said in a statement.
PAAIM II is a support to the reforms in its complementarity with other areas of intervention of the Bank, particularly in terms of infrastructure financing that enhances the country’s logistical competitiveness with greater availability of liquidity from financial institutions, according to the same source.
“The second phase of the PAAIM will really consolidate the gains. This is a decisive step towards the successful industrialization of Morocco, which will bring the overall financing of the Bank to PAAIM to more than 430 million euros since 2017 “, according to the Director General of the AfDB for the North Africa region, Mohamed El Azizi.
This operation will promote the development of new integrated ecosystems, bringing to 60% the level of industrial integration and will help to facilitate access to industrial land at competitive prices, adds the AfDB, indicating that a portal will be created to simplify all administrative procedures for exporting companies.
PAAIM II is expected to contribute to 11,000 by 2020 the total number of guarantees for very small and medium-sized enterprises and to facilitate the financing of projects promoted by small and medium enterprises and women-managed industries.
“This operation will help improve Morocco’s industrial competitiveness and strengthen its integration into African and global value chains,” said Morocco’s country head Leila Farah Mokaddem.
Morocco’s Industrialization Acceleration Support Program responds to two of the Bank’s five strategic priorities of “industrializing Africa” and “improving the quality of life of people in Africa”. It is part of Morocco’s Industrial Acceleration Plan 2014-2020, which aspires to greater productive diversification to increase the industry’s share of the country’s gross domestic product by 9 points.
The AfDB Group has been present in Morocco since 1970 with more than $ 10 billion invested in multiple strategic sectors of the Moroccan economy.