Off the wire
• U.S. stocks fall sharply on Trump controversy  • Zambia vows to continue business reforms to woo investment  • 70th Cannes Int'l Film Festival kicks off  • U.S. stocks fall sharply on intensifying selloff  • 3rd LD Writethru: China-U.S. two-way FDI reaches all-time high in 2016  • Roundup: Air Zimbabwe banned from flying over EU skies  • Cabinet as failure without new electoral law: Lebanon's PM  • Spotlight: Visa-free travel with EU implies new opportunities, challenges for Ukraine  • Russia to deliver Ebola vaccines to Guinea by end of June: Health Ministry  • UN refugee agency announces world's first refugee camp with renewable energy  
You are here: 　 Home

Morocco gets 350 mln USD loan from World Bank to support financial reforms

Xinhua, May 17, 2017 Adjust font size:

Morocco has received a loan of 350 million U.S. dollars from the World Bank to support wide-ranging financial reforms, local media reported on Wednesday.

The loan will support new sources of financing for small and medium-sized enterprises (SMEs) while improving the regulatory oversight of the banking sector, the Moroccan news site said.

The operation will also support capital market development by broadening the range of instruments and strengthening the protection of Moroccan investors, it noted, adding that the loan will also address the financial sustainability of the civil service pension fund, thereby preserving its role as a major institutional investor.

Citing Marie Francoise Marie-Nelly, World Bank Maghreb Country Director, the Moroccan news site said "Morocco has made significant progress over the past two decades in modernizing its financial system and creating an environment conducive to private sector development."

"Global experience shows that private initiative is the engine of job creation, and better access to finance for SMEs, along with other financial inclusion efforts while safeguarding financial stability, will help unlock the immense potential of Morocco's youth and women," it added. Endit