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World Bank approves 450-mln-USD loan to support Morocco's social, economic reforms

World Bank approves 450-mln-USD loan to support Morocco's social, economic reforms

RABAT - The World Bank approved a 450-million-U.S.-dollar loan to support Morocco's reforms for social and economic resilience amid the COVID-19 pandemic, a statement by the World Bank office in Rabat said Friday.

 

The loan aims to expand the availability of financial services and digital infrastructure for individuals and small and medium-sized businesses said the statement.

 

"The COVID-19 crisis has disproportionately affected the most vulnerable, including women, youth, informal workers, and smaller enterprises," the World Bank Maghreb Country Director Jesko Hentschel was quoted as saying in the statement.

 

"The improved financial and digital access is critical to reducing their social exclusion during the crisis, maintaining access to basic services, and promoting digital entrepreneurship," he added. Strengthening digital infrastructure and access to it is a priority in Morocco's new development model, the statement noted.

 

Source: Xinhua

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