The African Development Bank (AfDB) said on Wednesday it has approved a loan of 264 million euros (290 million U.S. dollars) to help Morocco mitigate the impacts of COVID-19 pandemic.
The primary objective of the loan is to help stop the spread of the virus and further improve the effectiveness of the authorities’ health response, AfDB said in a statement.
It will also reinforce the government’s efforts to provide support to 4.3 million households in the informal sector as well as 800,000 employees affiliated to the Moroccan Security Fund CNSS, added the statement.
“We are doing everything in our power to support Morocco to curb the spread of the virus and mitigate its economic and social repercussions,” the statement quoted Mohamed El Azizi, AfDB Director General for North Africa.
The bank’s active portfolio in Morocco at the end of June 2019 comprises 35 operations for a total commitment of 3 billion U.S. dollars, the statement added. Enditem