Creating new perspectives since 2009

World Bank approves $250m loan to Morocco

December 16, 2020 at 7:41 pm

A security guard is seen at the World Bank Group building on the empty street in Washington, DC on April 13, 2020 during the virtual IMF, World Bank Spring 2020 meetings [DANIEL SLIM/AFP via Getty Images]

The World Bank has agreed to grant Morocco $250 million to support local agricultural, as part of a joint operation with the French Development Agency.

This came in a statement issued by the World Bank on Wednesday, after its executive board approved the loan on Tuesday.

The loan aims to support the Generation Green programme, a government strategy for developing agriculture.

The statement announced: “The funding will also support the country’s economic response to the coronavirus pandemic.”

The loan will finance entrepreneurship and training programmes for villages’ youth, with a view to attracting private investments into the agricultural food products sector, and removing regulatory and financing obstacles to stimulate the creation of job opportunities.

According to official statistics, the agricultural sector contributes about 14 per cent of the gross domestic product (GDP). It presents an important source of employment for 75 per cent of the country’s villagers.

Opinion: Morocco’s normalisation with Israel is nothing new