Abidjan - The board of directors of the African Development Bank (AfDB) approved, on Wednesday in Abidjan, a €100-million budget support loan to finance the third phase of the Moroccan Government’s Financial Sector Development Support Program (PADESFI-III).
According to the Bank, this program, to be implemented in 12 months to December 31, 2015, will consolidate two previous phases of the program implemented in 2009 and 2011, respectively.
PADESFI-III will focus on creating requisite conditions for inclusive economic growth.
It is intended to consolidate and deepen reforms initiated under PADESFI-I and PADESFI-II, by focusing on four main thrusts:
Improvement of people’s access to financial services;
Improvement of access to financing for businesses;
Strengthening financial sector governance mechanism;
Deepening capital markets.
PADESFI-III is based on the strategic orientations of the government’s medium-term development program. Its design has taken into account the principles of the Paris Declaration on Aid Effectiveness and those of good practice principles for the application of conditionality.
It also complies with the Bank’s strategy for Morocco, the same source said.
The program is expected to benefit all Moroccans by improving conditions for sustainable and inclusive economic growth that would positively impact their living conditions.