OPEC loans $100 million to Morocco to promote financial inclusivity

OPEC loans $100 million to Morocco to promote financial inclusivity

The Organization of the Petroleum Exporting Countries (OPEC) has announced a loan to Morocco aimed at promoting financial inclusivity. 

OPEC’s Fund for International Development signed a $100 million loan to the government of Morocco to “build an inclusive financial sector,” the fund said in statement April 11. 

The agreement, which is named the Financial and Digital Inclusion Program, stipulates that Morocco provide individuals, families and small businesses with affordable financial services such as insurance, credit and banking. The program will focus on using technology to promote alternative financing models to traditional banks. Regarding the businesses, it will target digital entrepreneurs. The World Bank is co-financing the program with OPEC, according to the statement.