(Ecofin Agency) - The World Bank’s Board of Directors approved on June 22 the disbursement of $500 million to help Morocco accelerate its digital and financial inclusion strategy. The aim is to enable businesses and households to access more competitive digital infrastructure and services, stimulate private sector growth by facilitating access to finance for start-ups and young entrepreneurs.

“The Covid-19 outbreak demonstrated the paramount importance of digitalization as a means to ensure business continuity and promote innovation. During this crisis, Morocco’s digital transition accelerated rapidly, showing the country’s capacity for a greater scale-up. Today, more than ever, digitalization opens new opportunities for Morocco, ranging from more fluid economic transactions to better services to citizens and businesses,” said Jesko Hentschel (pictured), World Bank’s Maghreb Country Director.

“Through the current support, we aim to boost this potential and leverage digital transformation for more inclusive growth,” he added.

According to Arthur Foch, Senior Digital development specialist and co-Task Team leader at the World Bank, “it is especially critical to promote digital inclusion across the country so that no one is left behind, including rural areas. This requires reforms to further promote competition and investment to expand access to broadband services. Access to broadband infrastructure proved to be vital for business continuity during the crisis and will play a key role in the post-COVID-19 economic recovery.”