World Bank invests in SME financing and capital market development in Morocco
The World Bank (WB) has approved on Tuesday (29 April) a new programme to support Morocco, which includes a $458 million loan (€330.4 million) to support the country's financial sector and supply water in rural areas.The World Bank (WB) has approved on Tuesday (29 April) a new programme to support Morocco,
which includes a $458 million loan (€330.4 million) to support the country's financial sector and supply water in rural areas.
Some $300 million
to be allocated to the development of the capital market and pension reforms, as well as policies to facilitate
financing for small and medium-sized enterprises (SMEs), Yabiladi newspaper reports. WB
wants to help
Morocco accelerate the pace of growth in a bid to create jobs. The institution also
strengthen regional integration and promote the private sector through financial and technical support from its subsidiary, the International Finance Corporation (IFC).
The latter will continue to promote private to accelerate growth and attract investors. In addition, it intends to expand access to finance for SMEs.
The loan is part of the Country Partnership Strategy (CPS) with Morocco, also signed on 29 April, under which the institution will increase its financial support to four billion dollars over 2014-2017.
The envelope allocated to Morocco will reach
per year over four years, compared with
during the previous
WB's Operations Director for the Maghreb region, Simon Gray, told news agency MAP that "the new CPS is based on three pillars, namely the promotion of a competitive and inclusive growth, building a greener and resilient future, and strengthening governance and institutions for better service delivery to all citizens".