World Markets

Moroccan king urges more loans for graduates and entrepreneurs

King Mohammed VI said on Friday Morocco's banking and financial sector should make it easier for young entrepreneurs and small and medium sized enterprises to access loans.

RABAT, Oct 11 (Reuters) - King Mohammed VI said on Friday Morocco's banking and financial sector should make it easier for young entrepreneurs and small and medium sized enterprises to access loans.

He urged the government, Central Bank and commercial banks to develop a programme for that purpose, and decried the "limited financial support" for graduates and for creating small and medium-sized enterprises.

King Mohammed is the ultimate voice of authority in Morocco with wide powers to influence policy. In July he said there should be a new development model to curb inequality and fight poverty.

Morocco has one of the most advanced banking systems in Africa and its banks have invested heavily around the continent in recent years.

However, only 60% of adult Moroccans had a bank account at the end of 2018, according to Central Bank data.

One in three Moroccan graduates are unemployed according to the planning agency, which expects Morocco's economy to grow by 2.7% this year after 3% last year.

(Reporting by Ahmed Eljechtimi; Editing by Angus McDowall and Giles Elgood)

((ahmed.eljechtimi@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More