World Bank approves $150M for Morocco
RABAT: The World Bank says it has approved $150 million in financing to support small enterprises in Morocco and improve social programs in the North African country.
The funds, approved on Friday, will help the government “modernize its national identification system and provide financing to promote innovative startups and job creation,” a statement said.
According to the World Bank, almost 5.3 million Moroccans “live under the threat of falling back into poverty due to their socio-economic conditions.”
Friday’s statement said that $100 million will “aim to develop systems to ensure that social programmes are better targeted and reach the most vulnerable Moroccans.”
The remaining $50 million “will help address a market gap in the supply of equity financing for innovative young small and medium enterprises,” it said.