Morocco - Financial Sector Development Support Programme

Morocco - Financial Sector Development Support Programme – Phase III (PADESFI III)

Project Summary

Approval Date	01 Oct 2014
Signature Date	15 Oct 2014
Planned Completion Date	31 Dec 2015
Last Disbursement Planned Date	31 Dec 2015
Sovereign / Non-Sovereign	Sovereign
Sector	Finance
DAC Sector Code	24030
Environmental Category	3
Commitment	U.A 78,914,764.16
Status	Completion

Project General Description

This project concerns the third phase of the Financial Sector Development Support Program (PADESFI-III) in Morocco. This is a sector budget support to be implemented for a 12-month period ending 31 December 2015. It is a continuation of the two previous phases of the programme implemented in 2009 and 2011, respectively, the achievements of which it intends to consolidate and deepen. The operation is also a continuation of the series of four financial sector adjustment programmes that the Bank and other multilateral donors, particularly the World Bank and European Union, have supported. The overall expected outcomes following programme implementation are: (i) improvement of the population’s access to financial services; (ii) improvement of access of enterprises, especially VSMEs, to financing; (iii) strengthening of the financial sector governance mechanism; and (iv) deepening of the capital market. Compared to the two previous programmes, PADESFI-III specifically targets greater financial inclusion of the most vulnerable population segments (youths and women) and SMEs/VSEs operating in regions outside the Casablanca – Rabat axis.

Project Objectives

PADESFI-III’s goal is to create the required conditions for inclusive economic growth by consolidating the financial sector and fostering broader financial inclusion. Its specific objective is to strengthen financial sector development, particularly by improving access of the population and enterprises to financial services, deepening the sector and strengthening its governance.

Beneficiaries

The programme’s end beneficiaries are the Moroccan people as a whole. The programme will especially benefit the key intermediate stakeholders namely: (i) the private sector, especially SMEs/VSEs which, thanks to reforms to be implemented, will have easier access to financial services to foster their growth; and (ii) households as economic agents, particularly youths and women, 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 and other financial payment and transfer services.

Participating Organization

Implementing

GOUVERNEMENT DU MAROC MINISTERE DES FINANCES DIRECTION DU

Funding

African Development Bank

Information

IATI identifier	46002-P-MA-HZ0-011
Last Update	25 Mar 2023

Export

Contact Details

Name	Emmanuel DIARRA
Email	e.diarra@afdb.org

Geographic Location

Country	Morocco

Coordinates	Location Name
34.0133 -6.83255	Rabat

Project Classification

Finance Type	Aid Loan Excluding Debt Reorganisation
Flow Type	ODA
Aid Type	General Budget Support

Commitments

U.A 78,914,764

African Development Bank

U.A 78,914,764.16

Disbursements

Repayments (Interest & Loan)

Document Type	Language	Document
Appraisal report	fr	MAROC - RE - Programme appui au dev secteur financier - Phase III - 10 2014
Appraisal report	en	MOROCCO - AR - Financial Sector Dev Support Programme - Phase III - 10 2014
Evaluation Report	fr	PN10645 SR FR
Project Completion Report	fr	PR10675 SR FR

Indicator	Indicator Measure	Target Year	Target Value	Actual Year	Actual Value
Number of "MINHATY" bank cards distributed	Number	2014	300000.0	2016	385197.0
Number of students having benefited from a "Teaching Plus credit"	Number	2014	110.0	2016	141.0
Number of real estate loans benefiting from the “Damane” guarantee Assakane	Number	2014	134000.0	2016	138212.0
Number of savers who are members of the new company savings plan	Number	2014	1000.0	2016	8581.0
Number of Mobile Banking subscribers	Number	2014	150000.0	2016	160000.0
Proportion of microloans granted to women in relation to total outstanding	%	2014	55.0	2016	50.0
Banking rate	%	2014	62.0	2016	64.0
Number of women benefiting from the ILAYKI guarantee product	Number	2014	175.0	2016	213.0
Cumulative volume of credits co-financed within the framework of Export Mezzanine	MAD billion	2014	110.0	2016	180.0
Cumulative volume of credits "Damane Export & Suretyship of export markets"	MAD billion	2014	400.0	2016	598.5
Total Potential loans granted for the financing of the transfer of companies "Damane Transmission"	MAD billion	2014	55.0	2016	38.0
Number of beneficiaries of financial education programs	Number	2014	100000.0	2016	80000.0
Proportion of non-performing loans held by banks	%	2014	5.5	2016	7.3
Market capitalization	MAD billion	2014	450.0	2016	458.96
Launch by Al-Barid Bank (ABB) of the "MINHATY Card" product	None	2014	“MINHATY” product is launched by ABB in 2012	2016	The "MINHATY" product was launched by ABB in 2012 following the signing of an agreement in May 2012 with the Ministry of Education Superior
Signature of the rider amending the State/CCG agreement relating to the management of the "Teaching Plus" Guarantee Fund	None	2014	Signature of the rider amending the Agreement State/CCG relating to the management of the “Teaching plus” guarantee fund	2016	Amendment signed on July 25, 2015
Signature of the addendum amending the State/CCG agreement relating to the "Damane Assakane" fund	None	2014	Amendments signed before June 2014	2016	Amendments signed respectively on June 30, 2014 and February 18, 2015
Signature by the Minister of Economy and Finance of the Order setting the characteristics and parameters of the company savings plan	None	2014	Order signed before the end of 2014	2016	Order signed on April 07, 2014 and published in the BO on March 09 2015
Launch of the “Mobile Banking” product by Al-Barid Bank (ABB)	None	2014	The “Mobile Banking” product was launched by ABB before the end of 2014	2016	The “Mobile Banking” product was launched by ABB in February 2014
Establishment of the Moroccan Foundation for Financial Education	None	2014	The financial education action plan was adopted by 55% in 2015	2016	The Moroccan Foundation for Financial Education was set up on March 19, 2013
Adoption of the Financial Education Action Plan by the Board of Directors of the Foundation	None	2014	The Board of Directors of the Foundation before the end of 2014	2016	The National Strategy for Financial Education and the corresponding Action Plan were adopted at the meeting of the Board of Directors of the Foundation held on March 19, 2013