Financial Inclusion and Digital Economy DPL (WB-P168587)

  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 10, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Government of Morocco
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jan 16, 2019

Disclosed by Bank Nov 15, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The program objective is to (i) improve financial inclusion for Moroccan individuals and MSMEs; (ii) strengthen digital platforms; and (iii) enhance early stage equity financing for digital startups and entrepreneurs.

The proposed operation supports reform actions aimed at:

  1. enhancing financial inclusion for households and SMEs,
  2. promoting the development of inclusive digital platforms and digital infrastructure, and
  3. supporting digital entrepreneurship.

The proposed operation will:

  • Promote the diversification of financing sources for SMEs through extending the regulatory and institutional framework for participative, or Islamic, finance.
  • Advance credible solutions for smaller firms to access long-term finance in Morocco.
  • Improve financial infrastructure and credit reporting framework in Morocco.
  • Supports the development of digital platforms in Morocco with a focus on financial market infrastructures (FMIS) and mobile payments.
  • Promotes the expansion of inclusive access to digital infrastructure by encouraging competition between, and investment by, telecom operators.
  • Supports access to finance for entrepreneurs by providing pre-seed, angel/seed, and early VC financing for innovative SMEs. This operation is closely linked to ongoing advisory work in the financial, telecommunications, and social protection sectors.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank:
Djibrilla Adamou Issa
Lead Financial Sector Specialist

Kingdom of Morocco

Implementing Agencies:
Ministry of Economy and Finance
Nouaman El Aissami
Deputy Director, Department of Treasury and External Finance

Caisse Central de Garantie
Taoufiq Lahrach
Secretary General 


The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing You can learn more about the Inspection Panel and how to file a complaint at:

How it works

How it works