OPEC Fund lends Morocco $100 Mln for financial inclusion & digital entrepreneurship

The OPEC Fund for International Development has lent Morocco $100 million to enhance financial inclusion, modernize the economy and mitigate the impact of Covid-19 pandemic.

The loan, supported by the World Bank, will enable Morocco implement reforms to provide households and firms with affordable, transparent and sustainable financial services.

It aims to ensure financial inclusion by diversifying financing and payment sources for individuals as well as micro, small and medium-sized enterprises (MSMEs) by leveraging technology and supporting alternative financing models and infrastructure.

The funding also seeks to finance reforms to help digital entrepreneurs and MSMEs harness economic opportunities, while nurturing the economic inclusion of youth, women and graduates.

OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said: “Inclusive innovation is a key enabler of sustainable development. This loan, which focuses on financial and digital inclusion, will help to empower the more vulnerable and impacted populations such as youth, women, small businesses and entrepreneurs and bolster the country’s long-term sustainable economic recovery.”

To date, the OPEC Fund has injected more than $600 million in the country’s energy, financial, and transport sectors.