The Board of Directors of the African Development Bank Group has approved an €87 million loan to implement the Support Program for the Generalization of Social Coverage in Morocco, APA learnt on Wednesday.
The primary objective of this operation is to consolidate the foundations of a viable social protection program based on an integrated and inclusive approach.
The program will contribute to extending social protection, particularly for early childhood, young people, and the self-employed.
“Social protection is a major focus of our initiatives in Africa,” said Martha Phiri, the Bank’s Director for Human Capital, Youth and Skills Development.
She added that the new program would protect and unlock people’s potential and improve the quality of human capital.
Its second priority will be to respond to a growing demand for health services by reorganizing the supply of care and enhancing human capital.
The new program will address the growing demand for health services by catalyzing new investments in health infrastructure, improving the business climate and speeding up economic recovery.
Achraf Hassan Tarsim, the Bank’s Country Manager in Morocco, said the program would benefit 11 million self-employed workers, 1.6 million of whom are farmers – and their dependents, as well as seven million children and young people. It will also provide insurance for five million self-employed workers and help 20% of informal economy workers to migrate towards formal, sustainable and more stable employment.
“We are paving the way for universal coverage,” he added.
The program aligns with Morocco’s human development objectives and the Bank’s High 5s strategic goal to foster sustainable and inclusive growth on the continent.
In a half-century-long partnership with Morocco, the African Development Bank has committed over $12 billion to the country. The portfolio covers health, farming, energy, water, transport, human development and financial sectors.