Morocco has one of the most stable financial sectors in Africa, supported by a regulatory framework aligned with international standards, David Tinel, Regional Manager for the Maghreb at the International Finance Corporation (IFC), said.
“Strong macroeconomic fundamentals have made it possible to overcome previous liquidity shortages,” Tinel told MAP, on the sidelines of the Africa Financial Summit (AFIS-2024), scheduled for December 9-10 in Casablanca.
In 2021, Morocco achieved a score of 0.43 on the International Monetary Fund’s (IMF) Financial Development Index, which measures the maturity of a country’s financial system. This score, higher than that of most Sub-Saharan African countries and several North African nations, reflects the advancement of its financial system, supported by a robust banking infrastructure and ambitious regulatory reforms,” Tinel said.
Emphasizing Morocco’s position as a “gateway to Africa,” the official noted that Moroccan banks, among the largest on the continent, have driven the growth of other sectors, such as manufacturing enterprises.
“The expansion of Moroccan banks has supported the increase in trade flows and the growth of Moroccan businesses in Sub-Saharan Africa,” he said, adding that Moroccan companies stand to benefit from the African Continental Free Trade Area (AfCFTA), which provides access to more than one billion consumers without customs duties.
Regarding the organization of AFIS in Morocco, Tinel highlighted that Casablanca, as a major financial hub connecting Africa, Europe, and the Middle East, provides an ideal setting for hosting this event.
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