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UNSC: UN Envoy Stresses Morocco’s Role in Libya Conflict Resolution

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Regional countries such as Morocco, Tunisia, and Egypt have an important role in helping Libya reach a lasting political solution to its internal conflict, Jan Kubis, UN Special Envoy and Head of UN Support Mission in Libya (UNSMIL) told the Security Council on Wednesday.  

Libya’s eastern and western administrations officially handed over power to the Government of National Unity (GNU) earlier this week after months of progressive strides in conflict resolution. However, the process is ongoing.

As part of October’s ceasefire deal, foreign fighters and mercenaries were supposed to leave Libya by January 23. Yet according to reports, foreign fighters are still on Libya’s territory.

Kubis reiterated the call for foreign fighters to urgently leave the country as was agreed last year.

The envoy told the UN Security Council: “Their withdrawal from Libya will go a long way in reconstituting the unity and sovereignty of the country and healing the deep wounds caused by many years of internal strife, active conflict and foreign interference.”

The latest cycle in the UN-led peace process, which began in November in Tunis and ended in Geneva, produced the new transitional government. Libya’s Parliament approved the new transitional government on March 10.

Prior to the talks in Tunis, representatives of the rival factions met for several rounds of dialogue in Morocco. The full withdrawal of foreign mercenaries and respect of the ceasefire agreement were key priorities in the rival Libyan parties’ talks.

In his address, Kubis stressed the importance that both the government and Parliament implement the road-map of the Libyan Political Dialogue Forum (LPDF). He underlined that this will only be possible with support from the international community and UNSC.

He urged the Security Council to conduct ceasefire monitoring as the new unity government works towards its mandate. “It is important to continue to support the authorities to address this ongoing threat, act against international terrorism and to fight unlawful armed groups and organized crime networks plaguing the country, which is critical for the stability of Libya,” he said.

Libya’s Unity Government

After the head of the UN-sponsored and Tripoli-based Government of National Accord (GNA), Fayez Al-Serraj officially ceded power to the GNU on March 16, Libya’s eastern administration, headquartered in the Cyrenaica region and led by Khalifa Haftar, handed over power to the unity government on March 23.

Prime Minister Abdul Hamid Dbeibah and Mohamed El-Menfi, president of the Libyan Presidential Council, are leading the GNU.

The GNU is tasked with unifying the gas and oil rich country and leading it to democratic elections in December.

Speaking during the transition of power ceremony, El-Menfi said: “At the end of this year, we will hand over power to the Libyans so that they can choose their representatives.”

The unity government came about months after the signing of a ceasefire agreement on October 23, 2020 that officially ended the Libyan civil war. The interim government seems to be a crucial step in ending Libya’s decade of chaos, since the killing of Muammar Gaddafi in 2011, and after five years of two rival administrations running different regions of the country.

Foreign powers on Libya

Turkey was among the first countries to back the transitional government. On March 10, Turkey’s Foreign Ministry published a written statement welcoming the new government.

“We welcome the Government of National Unity, which Prime Minister Abdul Hamid Dbeibah proposed to the Libyan House of Representatives on March 10, 2021,” the ministry stated.

Through the statement, the ministry urged Libya’s local community as well as the international community to support the newly-appointed government in building a safe and democratic Libya.

Earlier in February, Dbeibah described Turkey as an ally during an interview with Anadolu Agency.

“Turkey is an ally, friend, and a brotherly state, and it has huge capabilities to help the Libyans achieve their real goals. Turkey is considered a real partner to Libya,” the prime minister said.

On March 23, France announced that it will open its embassy in Libya as a step to show support for the unity government. France closed the embassy in 2014.

French President Emmanuel Macron said after meeting with El-Menfi: “Monday our Embassy in Tripoli will reopen and our ambassador will be back on your territory.”

“I want here to show you all my support and that of France for the new Libyan unified authorities that emerged from the transition process,” he added.

One day after Macron’s statements, Italy’s Prime Minister Mario Draghi showed support to the unity government. “The Italian government’s foreign policy position is to support the government of national unity in Libya with the aim of holding elections in early December,” he said.

The PM set the first week of April as a date to visit Libya.

Meanwhile, Jean-Yves Le Drian, Heiko Maas, and Luigi Di Maio, Foreign Affairs Ministers of France, Germany, and Italy, respectively, met on Thursday with their Libyan counterpart Najla Mangouch to show the EU’s support to the newly-appointed government.

Le Drian said in a statement that the French Ministry of Foreign Affairs published, “the European Union stands alongside the new executive. We will help it continue the democratic transition the Libyan people expect, which we believe means two things: firstly, the elections planned for 24 December should go ahead on time, as the Libyans wish, and secondly, that work to achieve that needs to start now.”

The UK showed its support on March 26 during a meeting of Libya’s Chairman of the High National Elections Commission (HNEC), Imad Al-Sayeh, and the UK Ambassador to Libya, Nicholas Hopton.

Ongoing instability

For the first time since 2014, Libya’s national football team played a home match on March 25.

Libya’s national team hosted Tunisia for the Africa Cup of Nations (CAN) qualifier at Martyrs of February Stadium. The match took place behind closed doors and ended 2-5 in favor of the Tunisian side.

Despite the result, the Libyan fans were jubilant to see the national team play in Libya again after a seven year ban due to insecurity and instability.

The appointment of a unity government is an important step for Libya to find a way out of the war. Still, the country has a long ride ahead.

The same day Kubis spoke to the Security Council about the need to withdraw foreign mercenaries and respect the ceasefire agreement, assailants killed the commander of the self-styled Libyan Arab Armed Forces, Mahmoud al-Werfalli, in the eastern city of Benghazi, according to officials.

Al-Werfalli was wanted by the International Criminal Court (ICC). He was accused of conducting executions and ordering several executions in 2016.

Libya’s new unity government could provide fresh hope for a more democratic and peaceful transition of power in the December elections. However, the killing of al-Werfalli highlights the continued fragility, insecurity, and instability in Libya.

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Morocco and Vietnam Celebrate 60 Years Of Diplomatic Relations

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Rabat – Morocco and Vietnam are marking the 60th anniversary of the establishment of diplomatic relations between the two countries. On March 27, 1961, representatives of Morocco and Vietnam signed their first treaty establishing ties. Ever since the relationship between the two countries has been one of mutual respect and trade.

Morocco recently supported Vietnam’s candidacy for non-permanent membership of the UN Security Council for 2020-2021 as a symbol of the positive links between the two countries.

Morocco and Vietnam both share a history of French colonialism, with the two countries being on opposing sides during the Vietnamese independence struggle against France between 

1946-1954. That conflict morphed into the US-Vietnam war that led to Vietnamese independence while Morocco officially gained its independence in 1956. 

Morocco and Vietnam have been keen trade partners ever since the establishment of diplomatic relations. Trade between the two countries has been growing over the decades. Vietnam exported roughly $237 million in goods to Morocco in 2019, with Morocco exporting $24 million to Vietnam. 

Vietnam exports its coffee, textile, and broadcasting equipment to Morocco, while the north African country in turn exports mainly animal feed and clothing to Vietnam. Over the last 24 years, Vietnamese exports to Morocco have grown by 17.3% annually while Morocco’s exports are growing at 29.9% annually. 

The Vietnamese embassy in Rabat has publicly labeled Morocco as its “priority partner.”

Morocco’s embassy in Hanoi marked the 60th anniversary of bilateral relations with a virtual exhibition of 20 photos that highlight the warm relations between the Kingdom of Morocco and the Socialist Republic of Vietnam.

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First Iteration of Open Startup Morocco Program has Concluded

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Rabat – The first iteration of the Open Startup Morocco program has wrapped up, and the finalists of the program have been announced.

Among the figures who gathered for the award ceremony were the charge d’affaires of the US Embassy in Morocco David Greene, the President of Al Akhawayn University Amine Bensaid, the President of the Polytechnic University Mohammed VI Hicham El Habti, and the President of Impact For Development Tarik Nesh-Nash.

According to Al Akhawayn University, the four-month program “provides a platform for innovation and capacity building through entrepreneurial education and cross-cultural exchanges between the US and Startup ecosystems in Morocco.”

The Open Startup Morocco program worked with 94 participants from “multidisciplinary and multiregional Moroccan public and private institutions,” providing them with entrepreneurship bootcamp training as well as coaching and mentoring sessions to develop their ideas.

Read also: Agadir Technopark for Startups Nears Completion

The Inatlantis team was awarded the first prize, for their digital platform that helps language learners to become fluent by hosting virtual gatherings which promote real-time language exchange and learning.

In second place came the Spotter team, who designed a “technique for validating the creditworthiness of checks in real time.” 

Repa-BSF took third place, for developing a system that turns organic household waste into protein-rich feed for livestock.

The seven startups that qualified for the finals received a $15,000 (MAD 135,700) endowment to develop their startup. Furthermore, Inatlantis will have an opportunity to visit Columbia University in New York, COVID-19 health-measures permitting, to participate in the Columbia Venture Competition. The competition, scheduled for April 2021, will have a $300,000 (MAD 2.7 million) prize pool.

Recent years have seen a flurry of activity promoting local startups, in an attempt to change Morocco’s entrepreneurial landscape. In March 2021, the President of Morocco’s Mohammed V University, Mohammed Rhachi, signed partnership agreements with four startup companies in the field of research and innovation.

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First Batch of Morocco’s Aid To Lebanon Arrives In Beirut

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Rabat – Airplanes of Morocco’s military forces landed in Beirut this morning, April 17, carrying aid to crisis-stricken Lebanon. Less than 12 hours after Morocco’s King Mohammed VI announced his decision to send aid, the first batch of essential food landed in Lebanon’s capital Beirut.

Shortly after the royal announcement on Friday night, a military plane departed from Morocco carrying the first batch of the 90 tonnes of food aid that will be provided to Lebanon. The first of eight military planes delivering basic food products to Lebanon arrived on Saturday morning.

Morocco’s swift operation comes in response to Lebanon’s need for food aid. The 90 tonnes of food aid will aim to feed citizens and Lebanon’s armed forces amid a dire economic crisis, worsened by political deadlock and an evolving COVID-19 epidemic.

On Friday, Morocco’s King Mohammed VI announced he would personally fund the large donation of basic food aid desperately needed in the Middle-Eastern state. 

Read also: King Mohammed VI Sends Aid to Lebanon Amid Health, Economic Crisis

In his role as Chief of the General Staff of Morocco’s Royal Armed Forces (FAR) the monarch instructed the military to help alleviate suffering in Lebanon by shipping large amounts of essential food aid to Beirut over the weekend. 

Deliveries will continue on Sunday, as Morocco again mobilized its armed forces to provide essential aid to Lebanon, for the second time since August 4, 2020, after the explosion in Beirut.

In August of 2020, Morocco sent humanitarian and medical aid in the aftermath of the devastating explosion that destroyed parts of Lebanon’s capital Beirut. At the time, Morocco’s military planes carried 295 tonnes of food, 10 tonnes of medical equipment, and 11 tonnes of COVID-19 related protective equipment. 

Officials in Lebanon later thanked Morocco for its assistance as well as the “level and quality” of medical services provided by a Moroccan military field hospital set up in Beirut following the tragedy in Beirut. Morocco sent 150 medical staff to Lebanon which provided 5,800 Lebanese citizens with essential medical care.

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Moroccan Steel Contractor SCIF Receives Three Liebherr Cranes

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Rabat – Moroccan steel contractor Cherifian Company of Industrial and Railway Equipment (SCIF) has received the first 100 ton Liebherr rough-terrain crane in Morocco, according to Vertikal Press, the world’s leading lifting industry insider.

Besides the 100 ton Liebherr LRT 1100-2.1 Rough Terrain crane, SCIF received two 70 ton LTM 1070-4.2 All Terrain cranes.

The two-axle LRT 1100-2.1 consists of a five-section 50-meter main boom and a 10.5 meter swing away extension, while the smaller four-axle LTM 1070-4.2 has a 50-meter main boom and a 9.5 to 16 meter bi-fold swing away extension.

The LRT 1100-2.1 and one of the LTM 1070-4.2s are refurbished units, while the other 70-ton crane is brand new.

Read also: World’s Largest Container-Handling Cranes Arrive on Tangier Coast

SCIF Installations Director, Mohamed El Houri, stressed that Liebherr crane “has all the competence it needs to deliver perfect used cranes. The two machines we ordered were refurbished at the factory and we are very impressed with the cranes’ quality.”

The company’s sales director Rachid Makboul noted that they have had a good experience with previously bought cranes from Liebherr. “With its branch office in Casablanca, very close to our base, Liebherr provides us with excellent service and fast supplies of spare parts.”

In 2017, SCIF announced its intent to manufacture the first train that is 100% “made in Morocco,” in partnership with the government. The SCIF has previously developed 60 passenger cars for the ONCF and has also carried out export operations in Tunisia (200 cars for transporting phosphates), Mauritania, Gabon, and Poland.

SCIF was founded in 1946, and the company specialized in the manufacture and renovation of rolling stock. SCIF began to manufacture electric locomotives in 1980. The company has created 260 permanent jobs and more than 400 fixed-term jobs.

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Bloomberg: Morocco Leads Emerging Markets in Economic Recovery

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Rabat – Morocco’s economic recovery is outperforming nations across Africa and Latin America according to new Bloomberg data. Financial data company Bloomberg on Wednesday, April 21, released the “Bloomberg economics ranking” which evaluates the economic recovery of 75 emerging market economies. 

China, Saudi Arabia, South Korea, Taiwan, the UAE, and Qatar led the difficult global recovery following the first year of the COVID-19 pandemic. East Asia and GCC nations all performed well in ensuring a successful economic recovery after a year marked by lockdowns and other restrictive measures that impacted domestic economies.

The ranking places Morocco’s economic recovery in the top 10 of the world as the north African nation outperformed all of Eastern Europe, Africa, Central and South America, as well as the Caribbean. 

Bloomberg: Morocco Leads Emerging Markets in Economic Recovery
Source: Bloomberg Economics

The Bloomberg ranking considers Jamaica, Lebanon, and Ukraine as the countries whose economic recovery is behind the rest of similar emerging nations. Yet, the ranking’s exclusion of war-ravaged Syria, Libya, and Yemen are likely to have skewed the results. 

Read also: Drought: Morocco’s Agriculture Sector and Climate Change Challenges

Bloomberg’s findings regarding Morocco’s economic recovery mirror that of the IMF expressed in its webinar “Global Economic Forecast: What Prospects for Morocco and the MENA region?”  The international financial institution’s Mission Chief in Morocco, Roberto Cardarelli, described Morocco’s vaccination campaign as “agile” but emphasized the importance of continued vaccination in the tourism-dependent country.  

An April 14 country report by risk-management firm Atradius similarly described Morocco’s recovery as “robust” although it warned of rising public debt amid a projected 5% GDP growth. “While exports of goods and services are forecast to grow by almost 9% in 2021, recovery in the tourism sector will remain muted for the time being,” the report stated.

While for many in Morocco an economic recovery still feels elusive amid a halt in tourism and global travel, Morocco’s government is receiving international praise for its efforts to mitigate the effects of the COVID-19 crisis. 

It appears that Morocco’s government is using the crisis as an opportunity to draw large swaths of society into the formal sector by offering universal healthcare and social benefits. If Morocco’s vaccination campaign continues at a similar rate, the country’s recovery could ensure many citizens will be better off in the long run by gaining access to healthcare, pensions, and labor protections.

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US Expands ‘Do Not Travel’ Advisory, Excludes Morocco

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Rabat – On April 21, the US State Department announced that at least 116 countries were added to the “Level Four: Do Not Travel” advisory list, not listing Morocco.

In order to stop the spread of COVID-19, the US State Department will increase the number of “Level Four” countries to approximately 80% of countries worldwide, it announced earlier this week.

Previously, only 34 countries out of 200 were categorized as “Do Not Travel,” such as Argentina, Kenya, and Russia. The category has now expanded to over 150 countries. The list includes countries such as Canada, Germany, Israel, and the UK that have a “very high level of COVID-19.”

The measure is in line with “an adjustment in the State Department’s Travel Advisory system to rely more on existing epidemiological assessments” from the US Centers for Disease Control and Prevention, rather than reacting to the changing health crisis across the world. 

The restrictions are not mandatory and Americans can still travel, although it is not advised. 

Morocco is not a “Level Four” advisory category country, however the US has classified it as “Reconsider Travel” alongside approximately 20% of countries worldwide. 

Morocco, despite suspending flights with 53 countries, has not suspended flights with the US.

Morocco’s flight suspensions are expected to last until  May 21.

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Morocco Contributes to CEND Nuclear Disarmament Initiative

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Rabat – Morocco and The Netherlands led a working group at the Creating an Environment for Nuclear Disarmament (CEND) Initiative on Friday, April 23. 

Morocco is co-chair of a working group tasked with devising possible incentives to offer to states in exchange for reducing their nuclear arsenal. The CEND initiative currently features three working groups, each with the task to resolve specific barriers towards nuclear disarmament. 

Morocco shares the chair of the “State incentives to reduce and eliminate nuclear weapons” working group with the Netherlands. Meanwhile, Finland and Germany are co-chairing another working group, and the US and South Korea are leading the other.

Morocco’s participation in the CEND initiative highlights its contribution and effort to reduce the global nuclear stockpile, which continues to present a real threat of humanity’s destruction, even by mere human error. 

At the initiative, Moroccan diplomats work on opening dialogues, developing new ideas, and collaborating on implementing the current arms control framework.

The CEND launched in 2018 in order to promote a path towards nuclear disarmament, proposed by the US at a May preparatory committee meeting of the Nuclear Nonproliferation Treaty. At the time US officials described the initiative as a way to discuss necessary “discrete tasks” that could “create the conditions conducive to further nuclear disarmament.”

The initiative came from the US, which itself still maintains an arsenal of 5,800 nuclear weapons. The world’s foremost nuclear powers, the US and Russia, still possess 90% of the world’s nuclear weapons, despite the drawing down of the Cold War that pitted the two nations against each other.

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‘English Is The Future’: Young Moroccans See Rapid Shift in Morocco

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Rabat – A new report by the British Council in Morocco is highlighting young Moroccans’ opinions on learning English as a way of social advancement. 

On April 23, the British Council is marking UN English Language Day 2021 by releasing its “Shift to English” report, for which it surveyed 1,211 young urban Moroccans. Omnibus Marketing Research, a research firm based in the UAE and Morocco, performed the study. 

The British Council is an organization tasked with promoting the United Kingdom and the English language and receives its funding from the UK Foreign Office. Its new report aims to provide an insight into the opinions on English as a language as held by young urban Moroccans.

When asked by Morocco World News why the study chose to exclusively interview urban youth, the panel indicated they felt confident that similar results would emerge from young Moroccans living in rural settings although results could vary slightly.

Speaking at a virtual conference to promote the new report, Tony Reilly, director of the British Council in Morocco, addressed the multilingual nature of Moroccan society. Reilly highlighted that many Moroccans already speak four out of the six official UN languages. “A remarkable testimony to Morocco’s rich cultural and linguistic diversity – something your country is rightly proud of,” Reilly stated.

The importance of English

The British Council’s new report found that young Moroccans are increasingly seeing English as a valuable tool to improve their social conditions. Approximately 82% of the respondents indicated they have “positive associations with English.” 

According to the survey’s 15-25 year old participants, 65% of young Moroccans regard English as important, while 62% feel similarly about Arabic and 47% about French. 

Reilly emphasized the importance of English in education and online activity in his opening speech at the report’s launch. “52% of all internet websites are in English. 95 of the world’s top 100 universities teach in English,” he stressed, adding that “70% of employers in non-English speaking countries in key industries say English is of crucial importance.”

“Everyone is turning to the English language because of its dominance on the internet,” one participant reported. That shift to English is likely to only accelerate further, according to the surveyed youth, with 85% of participants expecting an increase in the use of English among young Moroccans over the coming decade. 

That shift is likely to produce positive economic effects according to the study. Seventy-four percent of respondents stated they believe this shift to English will be beneficial for Morocco’s national ambitions as well as those of young Moroccans themselves.

Demographics of current English speakers

Currently there is still a gap between low and higher income Moroccans when it comes to English skills, according to the report. “Younger, wealthier and more educated youth have the strongest command of English,” the study found. Young proficient English-speakers in Morocco are more likely to be female, more educated, and have higher incomes.

The “Shift to English” report did emphasize that there is still a long road ahead. “Arabic is the dominant language among Moroccan youth, spoken and understood with high proficiency by 69% of young people,” the report highlighted. 

It added that according to the young people interviewed, “French is slightly more widely spoken than English – 34% speak and understand French with high proficiency, and 30% speak and understand English to the same level.” French holds an important place in the country’s culture and identity. However, while many young Moroccans come into contact with French at school, English is often more the language of movies, series, and music.

Dubbed the “Netflix generation,” youth in Morocco are increasingly discovering and developing their English-language knowledge because of its prevalence in the media and on the internet. English is now seen as an important language by 65% of surveyed youth, beating out French (42%) and even Arabic (62%), the report said.

Opinions of the English language

Young people in Morocco have a positive association with English, the study found, with 82% of participants indicating such a preference compared to 59% having positive associations with French. Young Moroccans are more likely to recommend others to learn English, seeing it as an international language that is important for their career.

“You must learn English because it is important in our lives now,” one participant told the surveyors as many linked English to our increasingly globalized world where travel, leisure, and work often require English comprehension.

The report claimed that the global pandemic, Brexit, and the US elections have all helped increase interest in the English language among the young people in Morocco surveyed by the British Council. Some developed their English purely “because I needed to follow the news,” as one participant indicated.

COVID-19-related lockdowns provided both a reason and an opportunity for Morocco’s youth to develop their English, the report found. 

“Since we were confined, I discovered a lot of super interesting programs in English, and I had set myself to improve my English before the end of the confinement,” one participant responded. Another highlighted how English enabled a richer experience on social media, saying, “I noticed that there is more interaction in social media in English than in French.”

A shift to English

The study found that “English is expected to become Morocco’s primary foreign language in the next five years, as well as the foreign language most widely spoken among youth.”  

That conclusion originated from 85% of respondents expecting growth in the number of Morocco’s English-speaking youth. A majority of respondents (57%) even indicated this number will increase significantly.

Currently, young people in Morocco learn English in school (37%), online (17%), through language apps (7%), and through training institutes (6%). 

With affordable high-speed internet available in most places in Morocco, movies, series, and online activity are also helping familiarize Moroccans to the language, with more young people (42%) saying they gained their English skills through these media compared to 37% who learned English at school.

For young people in Morocco, English is a language that is preferably learned via the internet, language apps, as well as private schools, the report found. Meeting people online and interacting via social media provides motivation to improve young people’s English while movies and series, as well as gaming, have “great significance,” according to the survey’s respondents.

Economic promises

Morocco World News asked the British Council about the example of Rwanda’s shift from French to English. The African nation has seen a major economic boost since the shift, prompting MWN to inquire whether the British Council foresees similar economic benefits.

Local British Council Director Tony Reilly highlighted his organization’s contribution to Rwanda’s shift and emphasized the need for a gradual well-planned and resourced shift as an important factor for success. 

“It serves Rwanda’s national ambitions and international outlook,” Reilly commented, adding that “young people say it is a good match with Morocco’s ambitions to be a business hub and increase links with Africa.” When combined with a digital transformation, shifting to English can produce significant results, the conference’s panel agreed.

With young people favoring English as their preferred foreign language, the task of gradually shifting to English in Morocco can only benefit research and education, according to Morocco’s Minister of Research and Higher Education Driss Ouaouicha, who attended the report’s launch.

While Morocco has some catching up to do in regards to English proficiency, a carefully guided transition towards English could benefit an entire new generation of citizens, according to the opinions expressed in the British Council’s “Shift to English” report.

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Morocco Has Highest Population Without Access to Banking Institutions

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Rabat – Even as Morocco attempts to make strides in general modernization and the digitization of its economy, the North African country has the lowest percentage of population that has access to banking institutions.

According to a study by the British research platform Merchant Machine, Morocco has proportionally-speaking the largest population of unbanked citizens, standing at 71%. 

The study takes “unbanked” to mean any individual who does not have access to the services of a bank, or other similar financial institutions. By this metric, approximately 26.2 million Moroccans do not currently have access to a bank account.

Other countries with extremely high numbers of unbanked citizens are Vietnam (69%), Egypt at 67%, the Philippines at 66%, and Mexico at 63%. All the ten countries with the highest unbanked populations have at least half of their population without access to a banking institution.

With 100% of their citizens saying they have a bank account, Australia, Canada, Denmark, Finland, the Netherlands, Norway, and Sweden are the global leaders in terms of “banked populations.”

Read also: HCP, World Bank To Promote Employment in Morocco

Global Finance notes that most of the unbanked population across the world share similar traits. The key signifiers are “low income and less educated, they often lack the identification and documentation requirements to open a bank account, [and ]they tend to live in rural areas far from bank branches.”

In a speech in October 2019, Morocco’s King Mohammed VI urged the banks and financial institutions to play “a greater role” in the country’s development. The King specifically referred to “simplifying and facilitating access to loans…. and financing the creation of small and medium sized enterprises.”

Recent research on financial inclusivity by the Philippines’ central bank showed that 45% of unbanked Filippinos cited the lack of finances as their main reason for not having a bank account. 

While incorporating banks into the country’s development is important, a major obstacle to overcome for the unbanked population is financial instability.

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