African Development Bank to grant Morocco a USD200 million loan

African Development Bank (AFDB), an multinational development financial institution headquartered in Abidjan, Ivory Cost, granted Morocco a USD200 million loan on Friday to reinforce the country's industrialization plan, states the Chinese news agency Xinhua quoting local Moroccan media.

The loan is destined to provide for the first stage of an industrial acceleration plan set to create «by 2020 to create 500,000 new sustainable jobs and significantly increase the share of industry in GDP to 23 percent, versus 14 in 2014», the same source indicates.

The Moroccan Central Popular Bank (BCP) will participate to the project as the AFDB has accepted a «risk-sharing» reaching 50 million dollars. The same source adds that this procedure will be carried through a portfolio of transactions amounting to 100 million dollars as opposed to 700 million dollars of intra-African business operations during a three-year phase.