Morocco's financial system, among Africa's best, AfDB president
Morocco, Economics, 2/12/2005

President of the African Development Bank, Omar Kabbaj, lauded the "considerable progress" achieved by the Moroccan financial system, which made of it one of Africa's best.

Interviewed by l'Economiste daily, the visiting ADB president who visited Morocco recently stressed that compared to all African countries, Morocco is among the first five in all international ratings and all international organizations.

During his stay in Morocco, the AfDB president signed with the Moroccan government loans agreements totalling 430 million euros to finance projects of reforms and drinking water.

The first instalment of this loan will be cashed in the coming six months, he said.

Kabbaj said the North-African country has always been the largest recipient of the African institution's funds, as AfDB has financed projects totalling 6 billion dollars.

Kabbaj also praised the remarkable development of Morocco's economy which is posting sustained growth, privatisation operations that are lending economy more flexibility, a good macroeconomic management -despite some difficulties.

On the other hand, Kabbaj deemed that financial systems need more improvements, explaining that, in the context of globalization, transforming medium-term loans into long-term ones is "necessary so that the economy can stand on solid bases."

Hailing Morocco's position in the economic sphere, AfDB president said the Kingdom is one of the few countries to post surplus in its external current account and balance of payments since four years, pointing out the commendable restructuring process implemented in the banking sector, to which AfDB contributes, in order to create strong banking groups able to meet the requirements of international competitiveness.

Kabbaj, who was elected in 1995 and re-elected in 2000 for a second term, was received by King Mohammed VI who praised his performance that helped redress the financial situation of the first African financial institution.

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