AFDB approves USD135-Million loan to help Morocco's recovery

Rabat: According to Morocco's official news agency, MAP, the African Development Bank (AfDB) has granted a USD 135 million loan to help the country (Morocco) recover in the post-Covid 19 period.

According to a report released on Wednesday, the African Development Bank Group's Board of Directors approved the loan to assist the North African country in establishing financial inclusion, entrepreneurship, and a support programme for small and medium-sized businesses. According to an international news report, the loan will also help enterprises in financial distress to resume operations and protect jobs.

The African Development Bank Group or Banque Africaine de Development is a multilateral development finance institution headquartered in Abidjan, Ivory Coast, since September 2014. The AfDB is a financial provider to African governments and private companies investing in the regional member countries.

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