Abidjan : The African Development Bank (AfDB) Group’s Executive Board has approved a $200 million loan to finance the first phase of the African Development Bank Acceleration of Industrialisation in Morocco (PAAIM I).

The main objective of the programme is to accelerate the industrialisation of Morocco and to consolidate the basis of a sustainable and shared growth, said a press release by the AfDB.

It also aims to improve the business environment, boost exports and support the financing of industrial activities that encourage female entrepreneurship and respect for the environment.

The PAAIM comes in support of the 2014-2020 industrial acceleration plan for Morocco, which aims to increase the diversification of the economy via new channels. The plan also aims to increase the share of industry in GDP by 14 to 23 points and create half a million jobs by 2020.

“This programme will give a new impetus to the industrialization movement of Morocco, which will enable the Kingdom to further strengthen its integration into global value chains, “said Mohamed El Azizi, AfDB’s Managing Director for North Africa.

—IANS