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World Bank supports corporate governance in Morocco

Rabat - The World Bank (WB) is actively backing Morocco in its project to strengthen the corporate governance framework through supporting reforms in accounting and auditing, IFC (International Finance Corporation ) Country Officer for Morocco, Joumana Cobein, said on Monday in Rabat.

Morocco has, for several years, made significant efforts to improve corporate governance of Moroccan firms, Cobein said during the presentation of the WB report on the Observance of Standards and Codes (ROSC), stressing that the support of the WB also concerns the Moroccan Institute of Administrators (IMA).

These reforms, she added, have contributed to economic growth and had a positive impact on financial markets as evidenced by Morocco's ability to overcome the financial crisis.

For his part, Moroccan Deputy Minister for Economic and General Affairs Nizar Baraka said the report highlights the major progress made by Morocco in terms of corporate governance.

“In 2007, we set up a national public-private commission in charge of codifying good governance practices for large firms, listed companies, SMEs and credit institutions,” he noted.

Baraka also recalled that in 2009, IMA was created to offer a wide range of training to promote best practices of corporate governance among administrators and senior business leaders to enable them to conduct their activities with professionalism, availability and efficiency.