Morocco signed a $100 million loan agreement with the Organization of Petroleum Exporting Countries (OPEC) Fund for International Development, to promote financial inclusion and digital transformation.
The (OPEC) Fund for International Development clarified in a statement that this loan will include two main pillars, the first aims to ensure financial inclusion by diversifying sources of financing and payment for individuals, as well as for very small, small and medium enterprises, by utilizing technology and supporting models of alternative financing and infrastructure.
The second goal is to fund reforms to help digital entrepreneurs and MSMEs take advantage of economic opportunities, while promoting the economic inclusion of youth, women, and degree holders.
The statement quoted Abdul Hamid Al-Khalifa, Director General of the OPEC Fund, saying that “inclusive innovation is an essential element in sustainable development.”
The Director General added that “this loan, which is based on financial and digital inclusion, will contribute to empowering the most vulnerable groups, such as youth, women and small businesses. and contractors, as well as supporting a sustainable economic recovery.”
The (OPEC) fund has been working with Morocco for more than four decades, and has mobilized more than $600 million so far, especially in the energy, financial and transport sectors.
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