News

08.28.2013

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Access to microfinance for Moroccan youth

Transition Fund in Middle East and North Africa (MENA) gives two new donations to fund two projects in Morocco.

Two new projects to support entrepreneurship and access to microfinance for the benefit of disadvantaged young Moroccans were signed last month. These donations of 11.01 million us dollars are provided through the Transition Fund for the Middle East and North Africa region(MENA).

The first project "Micro-Entrepreneurship for Youth", from an amount of 5.5 million us dollars, will target over 5,000 disadvantaged young Moroccans from 15 to 29 years old and living in different parts of the country.

It mainly targets young people with a secondary education or less, but also those outside the labor market or in the informal sector. These young people will receive advices on the establishment of viable and profitable economic activities. The project will also include assistance to help these young people to start their own company.

The second project "Development of microfinance", an amount of 5.51 million us dollars, aims to expand access to microfinance for small businesses and low-income households which can not easily fulfill warranty obligations imposed by credit institutions.

The Executive Committee of the Transition Fund for the MENA region has approved this year 20.06 million dollars in donations for the benefit of Morocco to accompany the reform of governance and operations of micro-entrepreneurship and microfinance to benefit youth.

These donations come at a time when Morocco began to implement the principles of the new constitution in order to offer equal opportunities for all Moroccans, create better jobs and stimulate growth.

Tags : Morocco, microfinance, MENA, microfinance, microenterprise, MicroWorld, micro-entrepreneurship

Source : Mondial Bank.org

This article is part of the special report: