Casablanca– The Moroccan Agricultural Credit Group has revealed its financial results for the fiscal year 2023, showcasing a resilient performance in the face of economic challenges. Despite a slight decline compared to the previous year, the group achieved a net banking result of 45 million Dirhams (approximately 4.64 million USD) while emphasizing its unwavering support for the country’s agricultural sector.
In a statement, the group highlighted its commitment to sustaining small-scale agriculture and rural development initiatives amidst a backdrop of global economic fluctuations and local crises. Despite these challenges, the group’s net banking income remained stable at 3.7 billion Dirhams (approximately 382 million USD) for the fiscal year, demonstrating its resilience and adaptability.
The Moroccan Agricultural Credit Group’s role in mobilizing savings and providing economic financing has been instrumental in supporting the country’s economic recovery efforts. With distributed loans amounting to 113 billion Dirhams (approximately 11.65 billion USD), the group has facilitated vital financial support for agricultural endeavors and rural communities, mitigating the impact of water scarcity and other challenges.
Furthermore, the group’s strategic focus on enhancing its financial resources has yielded positive outcomes. Private resources saw a notable increase of 15%, reaching 13.5 billion Dirhams (approximately 1.39 billion USD), while regulated private resources also grew by 6%. By bolstering its capital by 1.3 billion Dirhams (approximately 134 million USD), the group aims to expand its activities and contribute to national development strategies.
Looking ahead, the Moroccan Agricultural Credit Group remains optimistic about its future prospects. With a steadfast commitment to supporting the agricultural sector and driving sustainable economic growth, the group is poised to navigate ongoing challenges and emerge as a cornerstone of Morocco’s financial landscape.