Rabat - Morocco and the African Development Bank (AfDB) signed, on Wednesday in Rabat, a loan agreement worth 100 million euros to finance the Financial Sector Development Support Program - phase III (PADESFI-III) of Morocco.
Inked by Economy minister Mohamed Boussaid and AfDB vice president Aly Abous-Sabbaa, the agreement comes under the PADESFI which focuses on creating requisite conditions for inclusive economic growth through the financial sector's development.
It seeks to improve access of enterprises, mainly very small and micro enterprises, to financial services, reinforce governance and spur markets of capitals.
The PADESFI-III meets strategic guidelines laid in the government program which supports financial inclusion, governance and business climate.
It also an extension of the PADESFI I and II approved by the Bank in 2009 and 2009, as well as the three institutional support projects under way and meant to reinforce the Moroccan mechanism for regulating and controlling financial markets and elaborate the Moroccan monetary code.