New Delhi, May 20 (KNN) The World Bank recently sanctioned a package amounting to 350 million dollars to initiate a wide range of financial reforms in the African country Morocco. The reforms includes establishing fresh financial institutions for funding the Small and Medium Enterprises (SMEs) in the country.

The World Bank in a statement said that the African Country has made significant economic progress by modernizing the country’s financial setup as well as by creating an entrepreneurial friendly ecosystem, thus enabling businesses to flourish.  

It further said that the trends show a significant contribution made by the private sector in bringing downs the unemployment rate in the country. The Small and Medium Enterprises must be encouraged in the country. This can be done by enabling smooth finance and other financial inclusion efforts, which the World Bank aims to achieve by extending the sanctioned amount.

Further the package by the World Bank is expected to help the banking sector and support the capital market development. This will be facilitated by introducing instruments that will strengthen the Moroccan investors.

Other focus of the package includes stabilizing finances for pensions for civil and military services by increasing the minimum pension wage. (KNN/ DA)