Morocco - Financial Sector Development Support Programme - Phase II


Project Summary

Approval Date 23 Nov 2011
Signature Date 23 Nov 2011
Planned Completion Date 31 Dec 2012
Last Disbursement Planned Date 31 Dec 2012
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 181,332,469.85
Status Completion

Project General Description

The Financial Sector Development Support Programme – Phase II (PADESFI - II) is intended to accelerate reforms in the Moroccan financial sector. It addresses the challenges which the Government intends to meet, as soon as possible with a view to consolidating and expanding the achievements of the first phase of the programme (PADESFI-I) and the gains of the four financial sector adjustment programmes (PASFI I to PASFI IV). PADESFI II should also strengthen the microfinance sector by improving the governance of associations engaging in the activity and also through the formulation of a strategic vision for the sector’s development. In addition, by focusing on improving access to financing for SMEs/VSEs, modernizing the guarantee scheme and risk management as well as strengthening the supervision of the banking, insurance and financial market sectors, PADESFI-II will contribute to the development of an enabling environment for private sector activities. The program has four main components, namely: (i) improving population’s access to financial services; (ii) improving access of businesses to financing; (iii) strengthening of the financial sector governance mechanism; and (iv) deepening the capital market.

Project Objectives

The goal of PADESFI-II is to create the requisite conditions for sustainable economic growth. Its specific objective is to strengthen the development of the financial sector by consolidating and deepening the gains of PADESFI-I.

Beneficiaries

The programme’s end beneficiaries are the Moroccan people as a whole, who will enjoy improved living standards as a result of sustainable economic growth that will generate employment and income. The intermediate beneficiaries are: (i) the private sector and semi-public sector which, through the reforms, will have easier access to financial services that will foster their growth; (ii) households as economic agents, whose bank use rate will further improve as a result of greater coverage of the national territory by the banking networks, in addition to easier access to loans, especially for the acquisition of housing. Thus, facilitating access to credit, especially for SMEs, VSEs and households, not only in general terms but also in terms of spatial coverage, will help to generate income and create jobs, thereby encouraging more inclusive growth.

Participating Organization

Funding
African Development Bank
Implementing
DIRECTION DU TRESOR ET DES FINANCES EXTE

Information

IATI identifier 46002-P-MA-HZ0-006
Last Update 31 Oct 2019

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Contact Details

Name MASUMBUKO Robert
Email r.masumbuko@afdb.org

Geographic Location

Country Morocco
Coordinates Location Name
32 -5 Kingdom of Morocco