The World Bank's Board of Directors has taken a significant step by approving a financing package worth $500 million for Morocco. This initiative falls under the First Morocco Jobs and Green Growth Development Policy Loan, marking the beginning of a series of three planned operations aimed at bolstering employment and facilitating the kingdom’s transition to a greener economy.
In an official press release, the World Bank highlighted that this program is designed to support Morocco’s national Job Roadmap. It focuses on promoting effective labor market policies, strengthening small and medium-sized enterprises (SMEs), and encouraging investments in clean energy, energy efficiency, and export-oriented pharmaceutical industries. The overarching goal is to expand employment opportunities for young people and women, with active labor market programs poised to benefit over 330,000 job seekers by the year 2029.
Another key objective of this initiative is to enhance the synergy between education and training systems and the evolving needs of the private sector. The financing is expected to bolster female participation in the labor force by improving access to licensed childcare facilities, creating more than 40,000 additional childcare spaces, and generating approximately 1,200 direct jobs for women within the sector.
The World Bank emphasized that the operation introduces vital reforms aimed at improving the business environment, particularly for SMEs. These reforms include modernizing the insolvency framework to facilitate the resolution of financial difficulties, strengthening credit guarantee mechanisms for SMEs, and streamlining investment procedures through Regional Investment Centers. “These reforms address one of the most persistent barriers to job creation in Morocco: the slow emergence of high-growth enterprises,” commented Ahmadou Moustapha Nidiaye, the Division Director for the Maghreb and Malta at the World Bank.
In addition to these initiatives, the loan is targeted at dismantling the obstacles that have hindered private investment in renewable energy, while also fostering the development of energy efficiency services. Furthermore, it supports the expansion of Morocco’s pharmaceutical industry, with expectations for export ambitions to soar nearly sevenfold by 2029.
As reported by en.hespress.com.
