US grants Morocco US$697.5 million to boost growth

The Board of Directors of the Millennium Challenge Corporation (MCC) approved an , the biggest amount ever granted by this US Development Fund, the official news agency, MAP, reported here.

This assistance, spread over five years, is aimed at stimulating economic growth by increasing productivity and improving employment in high potential sectors.

It will help increase Morocco's GNP by about US$118 million per annum aimed at benefiting directly 600,000 Moroccan families, MAP said.

An amount of US$300.9 million will be allotted to arboriculture projects stretching over thousands of hectares in the north, centre and south of Morocco to improve the growing of fruit trees.

An allocation of US$116.17 million will be devoted to the modernisation of all small-scale fishing activities, the creation of twenty or so landing an reception points along the Mediterranean and Atlantic coasts, in addition to the construction or rehabilitation of fish halls and wholesale markets in several ports.

The assistance also provides for an amount of US$111.87 million for the promotion of a project called "artisan and the Medina of Fes" aimed at valorising ties between the sectors of handicrafts and tourism.

Some US$46.2 million will be devoted to the improvement of the financial services offered to small-scale enterprises and help micro credit associations to restructure to offer to their clients other services than loans, while US$33.85 million will support enterprises providing for the reduction of unemployment among young graduates.

An amount of about US$88.5 million will be devoted to the monitoring of these programmes, MAP adds.

To benefit from this assistance from the Millennium account, candidate countries must adopt measures in the area of governance, health, education and the economy.


Tags: Moroccan Morocco Fes, Maghreb news