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Coronavirus: AfDB mobilizes 264 million euros to support Morocco

The Board of Directors of the African Development Bank (AfDB) approved, on Wednesday, May 27, financing of 264 million euros for Morocco as part of its program to support the response of Covid-19 (PARC-19), indicates a press release from the bank.

“Faced with this unprecedented situation, we are doing everything in our power to support Morocco to contain the spread of the virus and to mitigate its economic and social consequences,” said Mohamed El Azizi, CEO of the Bank for North Africa.

With PARC-19, this support will be done through a multidimensional and targeted approach. The primary objective of this program is “to help limit the spread of the virus and further improve the effectiveness of the authorities’ health response. Thus, it will contribute to the increase in the number of hospitals authorized to carry out virological screenings”, it is indicated. On the menu also the preservation of the purchasing power of Moroccans.

As such, the program will support public financial support measures, which benefit employees in the formal and informal sectors during periods of confinement. With a view to ensuring job preservation, “PARC-19 will facilitate access to financing for self-employed entrepreneurs and strengthen the treasury of very small and medium-sized enterprises with the aim of preserving 75% of the jobs affected by the crisis.”

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