Morocco - Financial Stability and Inclusion Strengthening Support Programme


Project Summary

Approval Date 13 Jul 2016
Signature Date 14 Jul 2016
Planned Completion Date 31 Dec 2016
Last Disbursement Planned Date 31 Dec 2016
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 115,160,895.17
Status Completion

Project General Description

The Financial Stability and Inclusion Reinforcement Support Program (PARSIF) is a budget support for the implementation of reforms to enhance the stability and inclusiveness of the Moroccan financial sector. As part of the structural reforms initiated over the last twenty years and supported by several programs of the Bank (PASFI and PADESFI), PARSIF intends to consolidate and deepen the major achievements of these programs by incorporating new priorities, in particular, servicing the retirement sector, improving the living conditions of retirees, and improving access to finance for a small group of farmers. The Program is designed around two main pillars. The first one aims at strengthening the resilience and role of the insurance and retirement sector in improving the populations’ quality of life. The second one is to strengthen the stability and the role of the banking sector and the capital markets in improving of the population’s quality of life. The program, which will be implemented over one year, will provide the Government with the financial resources needed to implement its policy and continue its reform efforts in a context of budget deficit.

Project Objectives

The goal of PARSIF is to contribute to creating the necessary conditions to further strengthen the stability and inclusiveness of the Moroccan financial sector, by strengthening the financing of the economy and in particular of very small and medium-sized enterprises (SMEs) while improving the population's quality of life. More specifically, the program aims to (i) strengthen the resilience of the insurance and retirement sectors and deepen their inclusiveness; and (ii) enhance stability while deepening the inclusive role of the banking and capital market sector.

Beneficiaries

The final beneficiary of the program is the Moroccan population as a whole. The population will benefit from the improved quality of life that will result from inclusive economic growth that will generate jobs and income. The main potential beneficiaries will include: (i) the current and future retirees who will benefit from perennial pension schemes allowing them to regularly collect their pension; (ii) self-employed persons, including informal sector workers, who will now have a pension coverage; (iii) women through their greater participation in banks and financial institutions’ boards of directors , (iv) the private and parapublic sectors, which will be able to rely more on healthier and more vibrant resources from institutional investors (insurance companies and pension funds); (v) farmers (individuals or cooperatives) who will be benefit from a better access to credit ; and also (vi) the youth who will be able to better translate their creative geniuses into reality by an improved start-up financing.

Participating Organization

Funding
African Development Bank
Implementing
Ministère des Finances

Information

IATI identifier 46002-P-MA-HAZ-002
Last Update 31 Oct 2019

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Contact Details

Name TARSIM Achraf Hassan
Email a.tarsim@afdb.org

Geographic Location

Country Morocco