Morocco biggest market for micro finance in Mediterranean region, FEMIP

Morocco is the largest market for micro finance in the Mediterranean region, with nearly half of clients, reported the Facility for Euro-Mediterranean Investment and Partnership (FEMIP), which is under the European Investment Bank (EIB).

    In its latest report, the FEMIP underlined that the micro finance sector is experiencing strong growth, noting that the amount of disbursed funds totalled $727.4 mln by the end of 2007. This sum benefited 1.32 mln active customers, including 63.9% of women.

    Noting that Morocco has a well-developed financial sector, the report hailed the establishment of one-stop shops in Morocco to facilitate the creation of enterprises, as well as the interest, displayed by public authorities, in developing tourism sector and infrastructure.

    The report also highlighted the progress achieved in the area of governance, noting that "the strong desire of public authorities to improve the quality of services provided by the administrations has helped the implementation of reforms."

    "Further progress has also been documented as regards improving economic transparency," the document added, recalling that Morocco has recently adopted new banking regulations aimed at increasing the transparency of transactions and combating bribery and money laundering.

    The report pointed out that, in 2007, the FEMIP disbursed some € 1.4 bln to its Mediterranean partners (notably Morocco, Tunisia, Egypt, Palestine, Jordan, Syria and Lebannon), with 68% of the financing going to private companies.

MAP