Opec Fund provides $100mn loan to Morocco to promote finacial inlcusion

Opec Fund provides $100mn loan to Morocco to promote finacial inlcusion

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VIENNA / WAM

The Opec Fund for International Development (Ofid) signed a $100 million loan agreement with the government of Morocco to help build an inclusive financial sector as part of broader efforts to modernise the economy and support the kingdom’s recovery from the Covid-19 pandemic.

Under the “Financial and Digital Inclusion Programme”, co-financed with the World Bank, the government of Morocco will implement reforms to provide households and firms with affordable, transparent and sustainable financial services – a key plank in its five-year strategy that aims to create a more enabling business environment.

The programme will help expand digital financial services, such as insurance, credit and banking, to provide individuals and small businesses with increased and easy access to financial systems.

The Opec Fund’s loan will cover two main pillars. The first aims to ensure financial inclusion by diversifying financing and payment sources for individuals and micro, small and medium-sized enterprises (MSMEs) by leveraging technology and supporting alternative financing models and infrastructure.

The second goal is to finance reforms to help digital entrepreneurs and MSMEs harness economic opportunities, while nurturing the economic inclusion of youth, women and graduates.

Opec Fund