The African Development Bank (AfDB), a regional multilateral development bank, recently approved a $200 million loan for Morocco to finance the first phase of the Support Program for the Acceleration of Industrialization in Morocco (PAAIM I), said a report.

The AfDB also validated a $50 million risk-sharing agreement for the Central Popular Bank (BCP), added the Morocco World News report.

The PAAIM I, which aims to promote the industrial acceleration of Morocco and consolidate the foundations for sustainable and shared growth, is aligned with two of the AfDB’s five strategic priorities, namely ‘Industrialising Africa’ and ‘Improving the quality of life of populations in Africa’, it said.

The programme is expected to increase the share of industry in Morocco’s GDP by 14 to 23 points and create half a million jobs by 2020.

The AfDB’s board of directors also approved a risk-sharing agreement (APA) amounting to $50 million for the benefit of the Central Popular Bank (BCP), added the report.