Morocco Gets IFC Backing to Improve Business Environment
Under the agreement signed Thursday by the two parties, IFC pledges to support CNEA in identifying the main barriers to the development of Morocco’s private sector. IFC, member of the World Bank, will also advise the CNEA on reforms that would encourage the development of domestic firms.
The signing ceremony also marked the launch of a national survey that will help Morocco gauge the challenges facing local firms. The survey will target a sample of local companies and identify the challenges facing businesses.
The IFC-CNEA partnership is designed to improve the business environment, help unlock the potential of Moroccan businesses, foster growth, and attract continued international investments.
The Moroccan government is working on multi-year plan to improve the business climate and enact the necessary reforms, a process that will involve consultations with the private sector.
Over the past 10 years, Morocco has implemented several reforms that have made doing business in the country easier. In the World Bank Group’s 2019 Doing Business report, the country ranked 60th in the world.
According to Mr. Mouayed Makhlouf, IFC Director for MENA region, Morocco is sending a message that it is an attractive investment destination by making great strides in improving business environment and pushing forward the reforms that will unlock the potential of the private sector, create jobs and economic opportunities.
The National Committee for the Business Environment is tasked with proposing reforms that would make doing business in the country easier.
Since its creation in 2010, the CNEA has supported regulatory reforms, encouraged the adoption of digital technology, advocated for the simplification of administrative procedures, and fostered a dialogue between private businesses and government.