The World Bank is partnering with the Moroccan government to boost economic prosperity in the country.
By Mohammed Amine Benabou
Rabat – The World Bank Group set up a Country Framework Partnership for 2019-2024 with Morocco yesterday to help guide the bank’s financial and technical assistance programs in Morocco.
The partnership aims to support Morocco’s ambitions in the global economy to promote prosperity for its population, the World Bank stated.
In accordance with the partnership, the World Bank board endorsed another $700 million project in Morocco in 2018, called Development Policy Financing.
Building upon the Government’s five-year Program 2017-2021, reinforced by the National Financial Inclusion Strategy and the national strategy to drive digital transformation (Plan Maroc Numérique), the project aims to accelerate the development of digital technology, allowing the kingdom to improve its services, growth, and employment as well as assist in transforming the economy, not only in North Africa but in Africa at large.
Marie Francoise Marie-Nelly, the World Bank Maghreb country director, said that Morocco has been making strides both economically and socially. She noted that the progress has helped raise the aspirations of Moroccans, especially the youth.
“The Kingdom is at a turning point in its history and has a unique window of opportunity to create high and inclusive growth, taking advantage of positive trends in Moroccan society, including urbanization and the demographic transition,” the World Bank stated. It continued to say Morocco’s plans are “ambitious.”
The World Bank said that Morocco has tremendous potential and that they “will receive full support from the World Bank Group” to ensure that Morocco has the necessary skills to boost its economy.
To achieve this, the World Bank will have to harness “the potential of new technologies to promote entrepreneurship, productivity, and e-government platforms to boost growth and innovation.”
According to the Doing Business Index 2018, Morocco ranked 60th in the world for ease of doing business, making it the second best country in the MENA region for business after the UAE.