MA Capital Market Development & SME Finance DPL

Abstract*

This program document proposes a First Capital Market Development and Small and Medium-Sized Finance Development Policy Loan Program (DPL) in the amount of Euro 217.6 million (US$300 million equivalent), which will be the first of a programmatic series of two single-tranche DPLs. It supports policies of the Government of Morocco (GOM) to adapt the financial system to the evolving needs of the real economy, develop market-based finance to complement... Show More

Development Objective

? A. Deepening capital markets by broadening the range of instruments and investors ? B. Reforming pension system to ensure continued institutional demand for capital market securities ? C. Fostering solutions for the financing of small and young enterprises ? D.Consolidating oversight to balance greater access with continued financial stability

Key Details

Project Details

Project ID
P147257
Status
Closed
Team Leader
Gabriel Sensenbrenner
Borrower 2
N/A

Country
Morocco
Disclosure Date
April 29, 2014
Approval Date
(as of board presentation)
April 29, 2014
Effective Date
July 30, 2014

Total Project Cost 1
US$ 300.00 million
Implementing Agency
Ministry of Economy and Finance
Region
Middle East and North Africa
Fiscal Year 3
2014

Commitment Amount
US$ 300.00 million
Environmental Category
N/A
Last Update Date
March 28, 2019
Closing Date
December 31, 2014

Last Stage Reached
BANK APPROVED

Associated Projects
P153603

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access17%
- FY17 - MSME Finance17%
FY17 - Financial Stability11%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring11%

FY17 - Private Sector Development

FY17 - Enterprise Development17%
- FY17 - MSME Development17%
FY17 - Jobs100%

FY17 - Public Sector Management

FY17 - Public Administration11%
- FY17 - Administrative and Civil Service Reform11%
FY17 - Rule of Law45%
- FY17 - Legal Institutions for a Market Economy45%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	300.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	300.00
IDA Commitment	N/A
IBRD + IDA Commitment	300.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	300.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Nov 1, 2017	IBRD-83630	Int Charges	517,874.44
May 1, 2022	IBRD-83630	Loan Repay	5,356,539.50
May 1, 2015	IBRD-83630	Int Charges	850,459.80
Aug 7, 2014	IBRD-83630	Loan Disb	290,344,960.00
Jul 30, 2014	IBRD-83630	Loan Disb	728,987.20
Jul 30, 2014	IBRD-83630	Fee Charges	728,987.20
Nov 1, 2014	IBRD-83630	Int Charges	588,562.60
Nov 1, 2015	IBRD-83630	Int Charges	722,065.90
Nov 1, 2016	IBRD-83630	Int Charges	526,012.25
May 1, 2016	IBRD-83630	Int Charges	689,604.50
May 1, 2021	IBRD-83630	Int Charges	237,889.02
Nov 1, 2021	IBRD-83630	Int Charges	270,260.84
Nov 1, 2021	IBRD-83630	Loan Repay	5,866,843.00
May 1, 2022	IBRD-83630	Int Charges	225,785.30
May 1, 2020	IBRD-83630	Int Charges	422,841.16
Nov 1, 2020	IBRD-83630	Int Charges	675,087.44
May 1, 2019	IBRD-83630	Int Charges	528,632.44
Nov 1, 2019	IBRD-83630	Int Charges	582,732.25
Nov 1, 2018	IBRD-83630	Int Charges	505,885.16
May 1, 2018	IBRD-83630	Int Charges	500,173.10
May 1, 2024	IBRD-83630	Loan Repay	5,409,268.50
Apr 29, 2014	IBRD-83630	Loan Commitment	300,000,000.00
Nov 1, 2023	IBRD-83630	Int Charges	4,531,745.00
Nov 1, 2023	IBRD-83630	Loan Repay	5,347,920.50
May 1, 2024	IBRD-83630	Int Charges	4,915,145.50
Nov 1, 2022	IBRD-83630	Int Charges	442,541.44
Nov 1, 2022	IBRD-83630	Loan Repay	5,038,138.50
May 1, 2023	IBRD-83630	Int Charges	3,035,998.00
May 1, 2023	IBRD-83630	Loan Repay	5,581,904.50
May 1, 2017	IBRD-83630	Int Charges	476,959.62

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Program Management	Satisfactory	2015-01-02
Progress towards achievement of PDO	Satisfactory	2015-01-02
Monitoring and Evaluation	Satisfactory	2015-01-02
Overall Implementation Progress (IP)	Satisfactory	2015-01-02

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 06-26-2019
Outcomes	Substantial
Risk to Development Outcome	Modest
Bank Performance	Moderately Satisfactory
Borrower Performance	Moderately Satisfactory
Government Performance	Moderately Satisfactory
Implementing Agency	Moderately Satisfactory

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 02-18-2020	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome	Modest	N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Satisfactory	N/a
Implementing Agency	Moderately Satisfactory	N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

N/A Value
Date
Comment

N/A	Value
	Date
	Comment