Morocco secures $1.74 billion in funding, ranking 7th in World Bank support

The World Bank for Reconstruction and Development has greenlit a $1.75 billion financing package for Morocco in the 2024 fiscal year, making it the 7th-largest recipient of funding from the World Bank.

The annual report, spanning from July 1, 2023, to June 30, 2024, highlighted an allocation of $117.5 billion aimed at supporting partner countries in tackling rising development challenges.

Morocco came in just behind Ukraine, which received $4.08 billion as the top beneficiary.

Following Ukraine, Turkey received $3.19 billion, Indonesia $3.02 billion, India $2.94 billion, the Philippines $2.35 billion, and Brazil $1.91 billion.

The same source showcased that Morocco is the largest beneficiary of World Bank funding in the Middle East and Africa for 2024, outpacing Nigeria, which ranked 8th with $1.50 billion, and Jordan, which received $1.23 billion.

The report noted that the kingdom is among the top 50 economies globally, praising its strong performance in areas like regulatory framework and public services. However, it also pointed out challenges in operational efficiency, taxation, and dispute resolution.

The report evaluates the business environment in 50 countries, including Morocco, and is based on three key pillars to rank countries by their performance. Economies are categorized into five tiers, ranging from top performers to the lowest, according to their scores in each pillar.

In the regulatory framework, Morocco achieved a score of 68.92 out of 100, placing it at the top of the third tier. This score highlights Morocco’s strong performance compared to economies like Ivory Coast, Bosnia and Herzegovina, and New Zealand. Meanwhile, Hungary, Portugal, and Georgia occupy the top positions in this category.

In the second pillar, which evaluates the quality and accessibility of public services, Morocco scored 58.66, placing it in the second tier. This score puts Morocco ahead of countries like Mexico and Mauritius, but it still falls short compared to Peru, Hong Kong, and Romania.

As to operational efficiency, the annual report pointed out some weaknesses in Morocco’s performance, giving it a score of 59.66 and placing it in the fourth tier. While Morocco ranks above Greece and the Philippines, it lags behind Paraguay and Indonesia.

Morocco also demonstrated strength in areas like business establishment, receiving the highest score of 77.39. It also performed well in entrepreneurship (76.73) and public services (76.64). Also, with a score of 75.51 in international trade, Morocco is positioned among the stronger economies in this sector.

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