World Bank lends Morocco $500 mln to improve access to online finance

A participant stands near a logo of World Bank at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

RABAT (Reuters) – The World Bank has approved a $500 million loan to help Morocco improve access to online finance and government services for businesses, particularly startups led by young people, it said on Tuesday.

The Moroccan central bank expects government debt to surge to 75.3% of gross domestic product in 2020 from 65% last year. It forecasts the economy will contract by 5.2% this year compared with 2.5% last year.

Reporting by Ahmed Eljechtimi

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