King Mohammed VI has called on the private sector and especially the banking sector to become more involved in Morocco’s economic development.
“Thus, let us urge the national banking sector to a firmer commitment, to a more positive implication in the dynamics of development that our country is experiencing,” the monarch insisted in his Friday speech on the opening of the Autumn parliamentarian session.
According to King Mohammed VI, this effort should focus specifically on the financing of investment, support for productive, job-providing and income-generating activities.
“In this respect, in addition to the banks’ commitment to larger companies in terms of support and funding, we urge them to fulfill their pre-eminent development role,” he added.
For this, he said they must notably simplify and facilitate procedures for access to credit, reach out to more individual entrepreneurs, finance small and medium enterprises.
He therefore invited the government and the central bank, in coordination with Morocco’s professional group of banks, to work on the development of a special program to support young graduates and finance self-employment projects.
“Given their positive impact on many families and on society as a whole, it is necessary to draw inspiration from the successful experiences of the organizations that finance projects run by young people, thus facilitating their socio-professional integration.” he said.
According to him, this plan rests on three axes. The first is promoting access to bank loans for the largest number of qualified young people, with projects and from different social categories to enable them to engage in entrepreneurship and benefit from the best chances of success.
Secondly, small and medium-sized enterprises specializing in export activities, particularly to Africa, should be supported and empowered to capture some of the added value generated for the benefit of the national economy.
And thirdly, it is important to facilitate access to banking services as well as job and economic opportunities for all citizens in general and informal sector workers in particular.
“There is no need to recall that economic dynamism requires the development of banking transactions,” the monarch went on to say.
King Mohammed VI hailed the results obtained during the past two decades, which “saw a tripling of the number of Moroccan people with bank accounts.”
“Under these conditions, by taking advantage of new technologies and financial innovations, the banks should redouble their efforts to increase the proportion of Moroccans using banking services and financing schemes. The two parties will thus be able to benefit from it in a logic of equilibrium and equity, which ultimately benefits the development process, he added.
This plan will not reach its objectives unless the beneficiary get committed in a responsible way and fulfill the commitments induced by the loans contracted, he noted.
In addition, it is up to the institutions and financial regulatory and control authorities to monitor the various operations and ensure a balanced relationship based on trust between funding agencies and debtors.
On this occasion, King Mohammed VI recalled the social responsibility of the financial enterprise, as well as its necessary participation in constructive initiatives, “whether they are social or humanitarian, or that they seek to preserve the environment, and promote sustainable development.
The construction of a developed and advanced and Morocco, the formulation of appropriate responses to the concerns and expectations of its citizens, require the pooling and consistency of efforts.
“From this platform, I invite the legislative institution you represent, the executive power, and the private sector, especially the banking sector, to participate in the national development effort and contribute to the success of the new stage we are engaged in,” he concluded.
HA/fss/Dng/APA