The World Bank has approved 150 million U.S. dollars to improve the efficiency of social programs and promote innovative startups and job creation, local media reported on Saturday.

A statement from the World Bank said 100 million dollars are aimed to develop systems to ensure that social programs are better targeted and reach the most vulnerable Moroccans.

The World Bank estimates that the money will help double the impact of poverty reduction programs and contribute to savings of over 30 million dollars per year as program resources will be allocated only to the most vulnerable households and individuals.

The other 50 million dollars will help address a market gap in the supply of equity financing for innovative small and medium sized enterprises (SMEs), the source said.

The money will invest in innovative startups and SMEs through private funds to select promising investments, it added.

source: Xinhua