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AfDB Loans Morocco $ 157 Million to Support Financial Sector

Source : | 14 July 2016 |  Economy | 3617 views

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Abidjan – The African Development Bank (AfDB)’s board of directors approved, on Wednesday in Abidjan, a loan of 157 million US dollars to shore up the Program in Support of Stability Reinforcement and Financial Inclusion (PARSIF) in Morocco.

The Bank’s contribution will help with the creation of the necessary conditions to strengthen the stability and the inclusion of the Moroccan financial sector, by reinforcing the financing of the economy, notably small and medium-sized enterprises (SMEs), while enhancing the population’s living conditions, said the AfDB in a statement on its official website.

The same source added that PARSIF will consolidates the three previous phases of the Program to Support the Financial Sector Development (PADESFI), which were implemented successfully between 2009 and 2015, by including new priorities, notably in relation with the strengthening of the retirement sector and the improvement of pensioners’ lifestyle, as well as the fostering of access to funding for small farmers and innovative start-ups.

This program particularly aims to revitalize institutional investors, such as insurance companies and pension funds, so that they could play a role in financing the economy, while improving their inclusive aspect, the statement noted.

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