Morocco: The World Bank funds $11 million worth of microfinance
The World Bank has just gifted Morocco $11.01 million to fund microfinance and help the disadvantaged youth access entrepreneurship.The World Bank has just gifted Morocco $11.01 million to fund microfinance and help the disadvantaged youth access entrepreneurship.
The fund was
created through two separate grants approved by the Middle East and North Africa Transition Fund
Half of it, or about $5.51 million, is to be used only to finance projects for small
and low-income households through microfinance.
According to Teymour Abdel Azizi,
looking after the project for the World Bank,
“the microcredit sector has emerged as an important source of financial services for low income households and microenterprises who have been excluded from the formal banking system.”
The ministries of Economy and Finance and of Youth and Sport will work together to assign the funds.
Set up to support the development of the private sector, particularly by encouraging the sharing of financial knowledge between local and international institutions, the Fund was mostly created for Morocco, Egypt, Yemen, Jordan and Tunisia.
Overall, the Fund has already
$20 million in Morocco since the beginning of the year to help the reforms undertaken in the kingdom.