Morocco adopts a new law on microcredits
The Moroccan council of state has passed a bill modifying the existing legislation on microcredits.Microcredit activities can now be carried out either directly or indirectly using microcredit institutions, or through a public company registered by Bank al Maghrib.
Microcredit institutions can also integrate the return on equity stake from registered credit institutions into their funds following the alterations, which were passed on January 6th.
"These changes aim at strengthening the national legal arsenal regulating these credits and to ensure their progress," Government Spokesman Khalid Naciri told the MAP news agency.
Family Development Minister Nouzha Skalli said following a ceremony last month to reward 2010's best micro entrepreneurs that the government considers the microfinance sector to have a "promoting role to play" so that Morocco can "take on the challenge of economic and social development".