The project Morocco - Sustainable Access to Finance DPL has changed to Active. To see more information, see the project information in the World Bank project databaseMorocco has made substantial progress in developing its financial sector. The total assets of Moroccan financial institutions have grown significantly and exceed 200 per cent of gross domestic product (GDP), a ratio that is well above the level predicted by Morocco's per capita income. This progress in financial development has been the result of sound macroeconomic policies and important financial sector reforms earlier in the decade, which positioned Morocco to take advantage of favorable conditions. The Government has launched a new financial reform program that addresses effectively the dual objectives of access and stability. It includes four mutually reinforcing pillars which build on major improvements in the soundness and risk management capacity of financial institutions. The first pillar contains measures that promote access to households while the second pillar comprises measures to enhance access to small and medium enterprises. The launch of a credit bureau and revised partial credit guarantee mechanisms will allow further progress in access and improved risk management. The third pillar strengthens the resiliency of the financial system through further improvements in financial regulation and supervision. It will allow an early identification of risks and will avoid a repeat of the difficulties experienced by the microcredit sector. The fourth pillar, capital market development, contributes both to access and stability. It promotes competition to banks which will encourage them to go down market, and will make new information and instruments available therefore making further gains in long term financing.