12/08/2007
The Millennium Challenge Corporation's Board of Directors approved $697.5m, the greatest amount ever granted by the US development fund, to fight poverty in Morocco, MAP reported on Saturday (August 11th). The overall goal of the funds is to help fight poverty by stimulating economic growth through increased productivity and job creation. According to MAP, the grant is expected to directly benefit 600,000 Moroccan families and raise Morocco's GNP by about $118 million annually. The Corporation has allotted $300.9 million for arboriculture projects, $116.17 million to upgrade small-scale fishing activities and $111.87 million for a project called "Artisans and the Medina of Fes", which targets the handicrafts and tourism sectors. The Corporation has also designated $46.2m to improve financial services and $33.85m to support SMEs that ensure employment for young graduates. $88.5 million has been earmarked to monitor the programmes.