World Bank approves $450 mln loan to help Morocco improve access to financial services

The World Bank approved a $450 million loan to support Morocco’s reforms to expand the availability of financial services and digital infrastructure for individuals and businesses, as well as improving financial inclusion and digital entrepreneurship.

The loan seeks to deepen reforms aimed at boosting the financial resilience of households and micro-, small-, and medium-size enterprises (MSMEs).

This financing is part of a program that supports policy measures to enable the rollout of the country’s social protection program. These include the creation of digital IDs for the easy identification of welfare beneficiaries, as well as the facilitation of cashless payments as part of cash transfer programs.

“The Covid-19 crisis has disproportionately affected the most vulnerable, including women, youth, informal workers and smaller enterprises. For these segments of society, improved financial and digital access has proven critical to reducing their social exclusion during the crisis, and to maintaining access to basic services and promoting digital entrepreneurship,” said Jesko Hentschel, World Bank Maghreb Country Director.

“The current program articulates Morocco’s emergency response to COVID-19 by building grounds for better access to paperless digital services, with transformative reforms designed to create opportunities in the long-term.”