|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|
|DAC Sector Code||24030|
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.
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.
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.
African Development Bank
Directorate of the Treasury and External Finance / Ministry of Economic Affairs and Finance
|Last Update||21 Jan 2021|