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Submitted by William C. Fellows on
As I manage a Maghreb focused program in this very area, it is not a surprise that now Morococo is a stand-out relative to peers. I find the bald statement that larger banks have not played a role to be a bit disappointing (as well as the lack of clear comment on the tie between sustainability and *quality* of lending, yes state banks are lending more, e.g. in Algeria and Tunisia, but they're doing it on an effectively loss-making basis costed all-up as far as I can tell). In the Moroccan case, as your data show of course, large private banks (I generally consider the GBP to be effectively private) have played a large role. Evidently, of course, the Moroccan exception should not drive comment, but it's stand out deserves deeper comment and analysis. Particularly to teasing out the relationship between credit quality, reforms and investment in risk management (real investment, not for show and form)....