Disclosable Restructuring and (or) Additional Financing Paper - Morocco Microfinance Development Project - P144500

The objective of the Morocco Microfinance Development Project is to promote access to finance to low income households and micro and small enterprises through the promotion of a sustainable and inclusive microfinance sector. The purpose of this restructuring is to seek the Regional Vice President (RVP) approval to extend the closing date of the Morocco Microfinance Development Project from July 31, 2019 to June 30, 2020. This will be the third extension of closing date for this project and the extension was approved by the Middle East and North Africa (MENA) Transition Fund Steering Committee on a no-objection basis on Friday June 28, 2019. The previous extension approved by the RVP on June 28, 2019 was for one month to allow for further discussion surrounding remaining activities of the grant. This has been completed. This restructuring responds to request letters received from the Director of Treasury at the Ministry of Economy and Finance (MoEF) dated June 4, 2019.