Micro-credits soar by 65% in 2002

The total value of micro-credits extended by various associations between January and September 2002 has reached 303.17 million DH in 2002 (US$ 28.8 Mln), increasing by 65% compared to the same period of 2001 (US$ 15.8 Mln).

The figures, released this Friday by finance and privatization minister Fathallah Oualalou, show that the number of micro-loans increased by 114%, from 227,888 loans as at September 2001 to 488,264 in Jan.-Sept 2002. More than 65% of these loans went to women and 13.79% were disbursed in rural areas.

He further explained that the state has earmarked both local and international donations to encourage micro-loaning institutions and adopted a legal framework to regulate and develop the activity. This legal framework provides for the creation of a micro-finance advisory council which held its first session this Friday.

The council's first session adopted the statute of a federation gathering micro-finance associations and approved the creation of a micro-finance foundation in northern Morocco.