The African Development Bank (AfDB) Group approved, on Thursday in Abidjan, a loan of 96.6 million USD for the implementation of a results-based program aimed at improving access to employment in Morocco (PARAAE), according to the African financial institution.
«Morocco is one of the first African countries to use this innovative financing instrument that makes the disbursement cycle conditional on achieving results, while reducing transaction costs», says an AfDB press release.
In addition to facilitating access to the labor market for young people and women and improving the quality of employment in Morocco’s regions, this operation will help to enhance human capital by improving the skills and employability of the workforce.
«For the first time in Morocco, a training center for teachers of vocational skills training will be set up and the Program also provides for the creation of a second facility dedicated to entrepreneurship training», the statement adds.
The PARAAE is also meant to support Morocco in the implementation of its strategies for employment promotion and vocational training.
The partnership between Morocco and the AfDB Group, which dates back nearly half a century, includes more than 160 projects and programs with a total financial commitment by the Bank of more than $ 10 billion USD.
This financing, more than 80% of which is dedicated to basic infrastructure, covers various sectors, including energy, water, transport, agriculture and social development.