MAP - Saturday, March 16th 2019

WB Loans Morocco $700 mln for Financial Inclusion, Digital Economy

Rabat - The economy and finance ministry and the World Bank signed, on Thursday in Rabat, a loan agreement worth 700 million dollars to back up development policies for financial inclusion and digital economy.

The agreement was concluded by economy minister Mohamed Benchaaboun and Marie Fran├žoise Marie-Nelly, World Bank Country Director for the Maghreb, said a statement from the said ministry.

Speaking at the signing ceremony, attended by Minister of General Affairs and Governance Lahcen Daoudi, Benchaaboun underlined the importance, quality and diversity of cooperation relations between Morocco and the World Bank, recalling that this bank is supporting the economic and social development of the Kingdom, through its contribution to financing major reform programs and investment projects. He also welcomed the WB board of directors' adoption on Feb. 19 of the new Country Partnership Framework 2019-2024, which was prepared in consultation with the Moroccan authorities and concerns notably promoting job creation by the private sector, building the human capital, promoting inclusive and resilient territorial development, enhancing governance and empowering women and girls. The minister also stressed the importance of this operation, which will contribute notably to strengthening financial inclusion and digital transformation for the benefit of individuals, businesses and entrepreneurs, as well as accelerating the adoption of digital technologies to turn them into a source of jobs, growth and better services, the statement said.