AfDB grants Morocco €100 million loan to support the financial sector
The African Development Bank (AfDB) approved on October 1st a loan of €100 million to support phase III of a programme supporting the development of the Moroccan financial sector (PADESFI).The African Development Bank (AfDB) approved on October 1st a loan of €100 million to support phase III of a programme supporting the
of the Moroccan financial sector (PADESFI III).
This program will create the necessary conditions for inclusive economic growth through the development of the financial sector, the AfDB said in a statement.
It specifically aims to improve access to financial services for the most vulnerable segments of the population - namely women and young people, and small businesses.
It is also designed to strengthen the governance of the Moroccan financial sector and align it with international standards, while further boosting capital markets in order to cement the status of Casablanca as a financial centre of international stature.
This new phase of the program follows the implementation of PADESFI I and II, which are intended to strengthen the Moroccan system of regulation and supervision of financial markets, as well as developing the Moroccan monetary and financial code.
While the international fiscal environment is still unstable, Morocco’s banking sector is growing steadily, BMCE Bank CEO Othman Benjelloun told World Finance last February.
A number of key indicators are testimony to the strong growth momentum seen over the past decade. Banks in Morocco have had total assets tripled while shareholders’ equity has quadrupled.
Resources have also grown by 123 per cent and loans to the economy have risen by 225 per cent over the same period.