The Board of Directors of the African Development Bank Group (AfDB) approved, Wednesday in Abidjan, a loan of 120 million euros to Morocco to implement the Financial Inclusion Support Program, entrepreneurship and Very Small and Medium-Sized Enterprises (VSEs).
The Bank’s support will help companies in difficulty to relaunch their activity and preserve jobs in order to successfully end the crisis linked to the Covid-19 pandemic, explains an AfDB press release.
“Relaunch and include. It is the pursuit of this double priority that will make it possible to revitalize activity, protect jobs and restore growth, ”said Achraf Hassan Tarsim, AfDB country manager for Morocco, adding“ we are doing it in the past. alongside young people and women entrepreneurs and small businesses who play an essential role in the recovery dynamic with more than 70% of jobs created ”.
The program will support reforms in the area of financial inclusion in order to facilitate access to finance for households and very small and medium-sized enterprises (VSEs), just as it will help, according to the same source, to diversify the sources of financing. financing available to them by strengthening the inclusiveness of the capital market.
“We are pursuing, here, two main priorities: diversifying the financing offer for SMEs and deepening the financial markets through instruments such as securitization and crowdfunding”, underlined, for his part, Stefan Nalletamby, director of the Department. financial sector development at the African Development Bank.
“Our only ambition is to strengthen the dynamics of financial inclusion of companies”, he noted.
The program will strengthen the support system for entrepreneurs, start-ups and small businesses, and will also support the ecosystem of support for entrepreneurship and help improve the business climate by simplifying administrative procedures.
The project is in line with two of the five main priorities, namely the “High 5” of the African Development Bank: “improving the quality of life of the populations in Africa” and “industrializing Africa”, adds the press release. , specifying that it is also part of the Bank’s 2013-2022 Ten-Year Strategy, the objective of which is to establish the conditions for sustainable and inclusive growth on the continent.
For more than half a century, the commitment of the African Development Bank Group in Morocco has amounted to more than 12 billion US dollars. Its interventions cover the sectors of health, energy, water, transport, human development, agriculture and the financial sector, it is pointed out.