World Bank grants Morocco $400 million loan

BRAZIL - 2020/06/19: In this photo illustration the World Bank logo seen displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)

The World Bank approved on Friday a 400-million-U.S. dollar loan to Morocco to support build an efficient social safety system to the poor, official news agency MAP reported.

The loan will be used for reforms in Morocco social security system so as to reach the poorest and most vulnerable communities, the report said.

The report quoted Jesko Hentschel, World Bank Maghreb Country director, as saying that the World Bank supports the North African country’s response to the COVID-19 pandemic in building a broad, effective and vital safety net system for vulnerable populations.