Morocco - The Financial Sector Development Support Programme


Project Summary

Approval Date 09 Dec 2009
Signature Date 11 Dec 2009
Planned Completion Date 31 Dec 2011
Last Disbursement Planned Date 31 Dec 2011
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Environmental Category 3
Commitment U.A 134,245,985.05
Status Completion

Project General Description

The Financial Sector Development Support Program (PADESFI) falls within the framework of deepening of the reforms undertaken since the early 90s to modernize financial sector in Morocco, for the benefit of the population, private and the semipublic sectors. It is a EUR 162 million sector budget support to be implemented as from December 2009 for a 12-month period ending on 31 December 2010. The programme addresses the challenges arising from the recent global economic crisis, which the Government intends to meet, as soon as possible, with the coordinated support of the Bank and the World Bank, so as to consolidate and expand the achievements of the previous four financial sector adjustment programmes (PASFI I to PASFI IV). PADESFI will contribute to institution building of the public administration and private sector, including associations. The overall expected outcomes following its implementation are: (i) improvement of access by the population to financial services; (ii) improvement of access by enterprises to financing; (iii) strengthening of the financial market and insurance sector oversight mechanism; and (iv) deepening of the financial market.

Project Objectives

The purpose of PADESFI is to create conditions required for sustainable economic growth through the development of the financial sector. Its specific objective is to strengthen the governance of the financial sector and deepen it by improving access of the population and enterprises to financial services, and diversifying financial instruments.

Beneficiaries

The final beneficiaries of the programme are the Moroccan population as a whole. They will derive benefits in terms of standard of living when conditions are created for sustainable economic growth. The other beneficiaries are the private sector and semi-public sector whose access to financing will be facilitated thanks to the availability of long-term resources on the financial market and thanks to improved efficiency of the national guarantee system and establishment of a public-private investment fund.

Participating Organization

Funding
African Development Bank
Implementing
Directorate of the Treasury and External Finance / Ministry of Economic Affairs and Finance

Information

IATI identifier 46002-P-MA-HZ0-003
Last Update 05 Dec 2020

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Contact Details

Name DIARRA Emmanuel
Email e.diarra@afdb.org

Geographic Location

Country Morocco