Morocco and the OPEC Fund for International Development have signed a $100 million loan agreement to finance the inclusive financial sector, aimed at developing the economy and supporting recovery from the Covid-19 pandemic.
According to a press release from the Fund, this loan is granted under the “Financial and Digital Inclusion Program”, intended to support Morocco’s reforms to provide transparent and sustainable financial services to households and businesses.
The fund will cover two main objectives. The first is to increase access to financial inclusion by expanding sources of finance and payment for individuals and micro, small and medium-sized enterprises (SMEs), as well as providing technologies and supporting financing models alternatives and infrastructure.
The second objective is to finance reforms to help (SMEs) and entrepreneurs to seize economic opportunities while promoting economic diversification for young people, women and graduates.
For the Director General of the OPEC Fund, Dr. Abdulhamid Alkhalifa, “this loan, which focuses on financial and digital inclusion, will help empower the most vulnerable and affected populations such as young people, women, small businesses and entrepreneurs and to support the country’s long-term sustainable economic recovery.”