The king Mohammed VI said on Friday that Morocco’s banking and financial sector should facilitate access to bank loans for young entrepreneurs and small and medium-sized enterprises.
His Majesty urged the government, the Central Bank and commercial banks to develop a program to this effect and denounced the “limited financial support” for graduates and the creation of small and medium-sized enterprises.
His Majesty Mohammed VI is the ultimate voice of authority in Morocco. he has broad powers to influence policy. In July, he said that there should be a new development model to reduce inequalities and fight poverty.
Morocco has one of the most advanced banking systems in Africa and its banks have invested heavily in the continent in recent years.
However, according to Central Bank data, only 60% of adult Moroccans had a bank account at the end of 2018.
One in three Moroccan graduates is unemployed according to the planning agency, which expects the Moroccan economy to grow by 2.7% this year after 3% last year. (Report by Ahmed Eljechtimi; edited by Angus McDowall and Giles Elgood)