AfDB grants €224 million to develop Moroccan financial sector

Nov 29, 2011

The African Development Bank (AfDB) granted a loan of €244 million on November 23rd to finance the second phase of the Financial Sector Development Support Program (PADESFI II).

The African Development Bank (AfDB) granted a loan of €244 million on November 23rd to finance the second phase of the Financial Sector Development Support Program (PADESFI II).

PADESFI II's objective is to strengthen the governance of the financial sector, improve access to finance for individuals and businesses and also diversify financial tools, Econostrum news website reports the Afdb as saying.

In particular, PADESFI II aims to make it easier for women to gain credit.

Another of its objectives is to strengthen guaranties for small to medium-sized enterprises (SMEs) as well as the Moroccan financial market's regulation and control system.

The guaranties offered to SMEs should increase access to credit and therefore boost job creation.

Managers hope this will help stimulate the Moroccan economy, where 95 percent of businesses are SMEs contributing to 50 percent of employment, according to figures from the ministry of Industry, Trade and New Technologies, published by MAP news agency.
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