World Bank Continues to Support Morocco's Financial and Digital Inclusion Reforms

The Board of Directors of the World Bank approved on 31 March a third Development Policy Financing (DPF) of $450 million aimed at advancing financial and digital inclusion, adding to the two previous financings. The series of financing projects supported the government of Morocco in implementing reforms to improve financial inclusion, digital entrepreneurship, and access to digital infrastructure and services for individuals and businesses.

Since 2018, financial inclusion has been a top policy priority for promoting job opportunities and economic empowerment for households, micro and medium-sized enterprises (MSMEs), women, youth, and rural populations. Access to a diverse suite of financial services (remittances, savings, insurance, credit) helps the vulnerable populations manage risks and adapt to climate change. During the pandemic of COVID-19, digital financial services and microfinance institutions were critical to channel support to households and businesses and reaching people in remote regions.