Africa Financial Sector Responses to COVID-19 - Morocco

Jul 28, 2020

This page presents measures and initiatives by the government of Morocco, national central bank and Development Finance Institutions (DFIs) in support of a resilient domestic financial sector facing the effects of the COVID-19 pandemic.

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Instrument

Institution

Financing volume

Description

Multilateral line of credit

International finance corporation

USD 26 million

(July 14, 2020) One Tech Holding has obtained financing of EUR 23 million (USD 26 million) to support its development in Tunisia and Morocco and to stimulate job creation and economic growth in these two Maghreb countries, which are facing the effects of the COVID-19 pandemic.

Multilateral line of credit

World bank

USD 500 million

(June 24, 2020) Morocco has obtained financial support from the World Bank to accelerate digital and financial inclusion in the country.

Multilateral line of credit

African development bank

USD 296 million

(May 27, 2020) The purpose of this line of credit is to support a government program in setting up a financing facility for independent entrepreneurs and improve the cash flow of small and medium-sized businesses.

Multilateral line of credit

International Monetary Fund

USD 3 billion

(April 09, 2020) The Central Bank of Morocco received a USD 3 billion loan from the International Monetary Fund (IMF) to counter the effects of COVID-19 on the national economy.

Measures to support the private sector

Government

USD 3 billion

(March 24, 2020) Establishment of a pandemic management fund to support the national economy, including the suspension of social charges and the suspension of repayment of bank loans by companies.

 


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