US International Development Finance Corporation (DFC), will operate a $100 million fund focusing on promoting opportunities while tackling endemic problems facing Morocco that require innovative solutions from local enterpreneurs.
The fund is part of a new partnership between DFC and the Small Business Assistance Fund. It aims to support small ad medium-sized businesses across Morocco running in the sectors of water, healthcare, energy, agriculture, clean energy, and sanitation.
This is part of a $5 billion budget that the DFC will invest in Morocco and several other countries in North Africa. The idea is to promote private investment and support entrepreneurship drives by the Moroccan government.
This is part of Prosper Africa – a US initiative promoting trade and investment across Africa between the African continent and the United States. It will be headquartered in Rabat, Morocco, and focus its investments drive in French-speaking countries.
Prosper Africa office is the first of its kind across Morocco and will easily convert the country into a regional economic hub. Prosper Africa will give North Africa and sub-Saharan countries over $500 million in funding over a 5-year period.
DFC will cooperate with agencies such as USAID (US Agency for International Development) to create employment and oversee billions worth of export and investments.