Friday 23 June 2017

Morocco gets 350 mln USD loan from World Bank to support financial reforms

Morocco gets 350 mln USD loan from World Bank to support financial reforms
(Xinhuanet 05/18/17)
Marie Francoise Marie-Nelly, World Bank Maghreb Country Director

Morocco has received a loan of 350 million U.S. dollars from the World Bank to support wide-ranging financial reforms, local media reported on Wednesday.

The loan will support new sources of financing for small and medium-sized enterprises (SMEs) while improving the regulatory oversight of the banking sector, the Moroccan news site said.

The operation will also support capital market development by broadening the range of instruments and strengthening the protection of Moroccan investors, it noted, adding that the loan will also address the financial sustainability of the civil service pension fund, thereby preserving its role as a major institutional investor.

Citing Marie Francoise Marie-Nelly, World Bank Maghreb Country Director, the Moroccan news site said "Morocco has made significant progress over the past two decades in modernizing its financial system and creating an environment conducive to private sector development."

"Global experience shows that private initiative is the engine of job creation, and better access to finance for SMEs, along with other financial inclusion efforts while safeguarding financial stability, will help unlock the immense potential of Morocco's youth and women," it added.

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