Morocco obtains $ 500 million from the World Bank to accelerate digital and financial inclusion
June 23rd 2020
The World Bank has allocated $ 500 million to Morocco to support the digital transformation initiated by the State. The objective is to create development opportunities and more inclusive growth for households, private companies, and improve the provision of public services.
On June 22, 2020, the Board of Directors of the World Bank approved financing of USD 500 million for Morocco. The money is intended to support the national political reforms necessary for the creation of an environment conducive to digital and financial inclusion. It is about enabling businesses and households to access more competitive digital infrastructure and services, stimulating the growth of the private sector by facilitating access to finance for start-ups and young entrepreneurs.
According to Jesko Hentschel (photo), the World Bank’s director of operations for the Maghreb, “the Covid-19 epidemic demonstrated the paramount importance of digital transformation to ensure continuity of services and foster innovation. Since the outbreak of this crisis, Morocco has accelerated its digital transition, demonstrating its ability to move up a gear. Today more than ever, digitization offers Morocco new development opportunities, whether it is to streamline economic transactions or improve the delivery of services to businesses and individuals. ”
“With this new funding, it is a question of boosting this potential and leveraging the lever of digital transformation for more inclusive growth, ” he said.
For Arthur Foch, the senior specialist of digital and co-development project with the World Bank, ” it is particularly crucial to promote digital inclusion across the country and ensure that no one is left behind matters, even in rural areas. This requires reforms that further promote competition and investment to increase access to broadband Internet. The availability of these infrastructures has proven to be vital for ensuring the continuation of business activities during the crisis, and it will play a crucial role in the economic recovery of the post-Covid period. ”
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