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MCC Board Approves $ 450 million Aid for Morocco

Source : | 19 September 2015 |  Economy | 1144 views

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Taroudant – The Millennium Challenge Corporation (MCC) Board approved on Thursday in Washington a second financial aid package for Morocco worth $ 450 million, said a statement from the MCC.

Under the Compact, approved at the quarterly meeting of the MCC, Morocco will benefit from this financial assistance to develop an open economy, to increase productivity and improve employment in high-growth sectors like fruit tree productivity, fisheries and artisan crafts.

According to the MCC Board, the $450 million Employability and Land Compact “will support two Moroccan Government priorities: high-quality education and land productivity.”

“An employability project is designed to improve the quality, relevance and equitable access of secondary education and vocational skills training; and a land project will help rural and industrial land markets better respond to investor demand, and modernize property rights policies,” explains the MCC Board.

“The Government of Morocco has demonstrated a strong commitment to the reforms outlined in our compact, and we look forward to together creating opportunity for the Moroccan people,” MCC CEO Dana J. Hyde.

This new compact comes after the successful completion of Morocco’s first compact in September 2013.

Created by the U.S. Congress in January 2004, the Millennium Challenge Corporation is an innovative and independent U.S. agency that is working to reduce global poverty through economic growth.

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