AfDB mobilizes €264 million to support Morocco

Abidjan, May 27 (AIP/GNA) - The Board of Directors of the African Development Bank (AfDB) approved Wednesday in Abidjan, financing of €264 million (more than 172 billion CFA francs) for Morocco as part of its Covid-19 response support program (PARC-19).



This is expected to help the Kingdom deal with the health, economic and social effects of the Covid-19 pandemic, a statement from the Bank sent to the AIP, said.

"Faced with this unprecedented situation, we are doing everything to support Morocco to contain the spread of the virus and to mitigate its economic and social consequences," Mohamed El Azizi, Managing Director of the Bank for North Africa, is quoted as saying.

"With PARC-19, we do this through a multi-dimensional and targeted approach," he added.

The statement said the primary objective of the program was 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 hospital centres authorized to carry out virological screening.

The other goal was to assist preserve the purchasing power of Moroccans.

In line with this, the program would support public financial measures, which benefitted employees in the formal and informal sectors during periods of confinement.

It would additionally support the government’s efforts to bring relief to 4.3 million informal sector households and 800,000 employees affiliated to the National Social Security Fund (CNSS).

In order to preserve jobs and promote conditions for economic recovery, PARC-19 will facilitate access to finance for self-employed entrepreneurs, small and medium-sized enterprises (TPME).

The expectation is that 75% of the jobs affected by the crisis would benefit.

(AIP/GNA)