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September, 2021

PRIVATE SECTORDEVELOPMENT IN MOROCCO

Joint report

PRIVATE SECTOR DEVELOPMENT IN MOROCCO

CChallenges & opportunities in times of Covid-19

2

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The African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD) and

European Investment Bank (EIB) jointly prepared this Country Diagnostic for Morocco. The report aims at

identifying the key challenges and opportunities in promoting private sector development and investment

in Morocco. This collaboration between the AfDB, EBRD and EIB builds on the Country Diagnostic Working

Group. The Country Diagnostic Working Group helps IFIs and DFIs to share perspectives and experiences

of preparing Country Diagnostics and develop cross-institutional collaboration where possible.

Contributors

Chapter 1: Sara Bertin, Julia Brouillard, Richard A. Doffonsou and Christoph Weiss

Chapter 2: Julia Brouillard

Chapter 3: Inmaculada Martinez and Christoph Weiss

Chapter 4: Julia Brouillard

Chapter 5: Sara Bertin

Acknowledgements

The authors are grateful to the peer reviewers Audrey Verdier-Chouchane (AfDB), Bassem Kamar and Rafik

Selim (EBRD), Joana Conde and Simon Savsek (EIB). The report benefited from comments and feedback from Emmanuel Pinto Moreira, Khadidiatou Gassama, Toussaint Houeninvo and Edward Sennoga (AfDB), Mattia Romani, Artur Radziwill and Peter Sanfey (EBRD), Barbara Marchitto and Anna Barone (EIB).

Disclaimer

Copyright © 2021 African Development Bank, European Bank for Reconstruction and Development, and

European Investment Bank.

This report was produced by staff from the African Development Bank, the European Bank for Reconstruction

and Development, and the European Investment Bank.

The results, interpretations and conclusions presented therein do not necessarily reflect the views of the

African Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, their board of directors or the countries they represent. The African Development Bank, the European Bank for Reconstruction and Development, and the European Investment Bank do not guarantee the accuracy of the information contained in this report. A t the crossroad of Europe and Sub-Saharan Africa, the Atlantic and the Mediterranean, Morocco is a key partner of our institutions. Morocco is rich in history and tradition, economic and human resources. The emergence of a dynamic and broad-based private sector can become a powerful driver of job creation, social inclusion and economic resilience. This is all the more important in the wake of an unprecedented crisis that has hit the world economy with no exceptions. Promoting a thriving private sector requires a thorough understanding of the key determinants of firm performance: what are the challenges they face? How to make the most of potential they have? What are the necessary measures to shape a supportive business environment? What is the role of development partners? The African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) have joined forces to provide answers to these questions. This report presents the results of a country diagnostic joint mission, months of exchanges of views and common research efforts, leading to a shared assessment that on the one hand capitalises on our already vast expertise on the

ground and, on the other, lays an even stronger analyticalfoundation for our continued engagement in Morocco. Themain findings of the report are that greater economic and financial diversification, deeper integration in global valuechains, notably in Sub-Saharan Africa, and participation ofmore (and smaller) firms in all sectors of the private economyremain crucial going forward to ensure more inclusive and resilient growth in Morocco. Large state-owned enterprisesstill represent one of the main engines of growth. It is thereforekey to foster private sector development. Addressing regionaldisparities will also be instrumental in this respect.

In 2020, the AfDB, EBRD and EIB together provided more than MAD 18.6 billion (of which more than MAD 4 billion for the AfDB, MAD 7.9 billion for the EBRD, and MAD 6.7 billion for the EIB) in financing for development in Morocco. We remain committed to supporting private sector development and look forward to continuing working with the Moroccan authorities and the private sector, each institution according to its own strategy and remit, and in partnership with local stakeholders and civil society. We would like to sincerely thank the Moroccan authorities and representatives of the public and private sectors for their warm hospitality and cooperation during our mission and the frank and productive discussions. )923.12

Emmanuel Pinto Moreira

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Artur Radziwiłł

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Debora Revoltella

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PRIVATE SECTOR DEVELOPMENT IN MOROCCO

CChallenges & opportunities in times of Covid-19

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