The board of directors of the African Development Bank (AfDB) group approved a €268 million financing to phase II of the Industrialization Acceleration Support Program in Morocco (PAAIM II), the financial institution announced on Wednesday. The objective of this program is to promote Morocco’s industrial acceleration through the deployment of industrial ecosystems, the improvement of the competitiveness of operators in the sector and the financing of first-class industrial economic activities, the AfDB said in a statement. This operation will promote the development of new integrated ecosystems, bringing the level of industrial integration to 60% and will contribute to facilitate access to industrial land at competitive prices, the AfDB added. “This operation will help improve Morocco’s industrial competitiveness and strengthen its integration into African and global value chains,” said Leila Farah Mokaddem, the Bank’s country manager in Morocco. PAAIM is part of Morocco’s Industrial Acceleration Plan 2014-2020, which aims to achieve greater productive diversification to increase the share of industry in the country’s gross domestic product by 9 percentage points.

Source: The North Africa Journal March 28, 2019 16:18 UTC