Central banks, as regulators, can play their own role in this endeavor. At Bank Al-Maghrib, we are continuously working to improve the representation of women in the boards of credit institutions through a gradual approach. For instance, in 2014 we laid down the obligation for such bodies to implement a policy aimed at ensuring a better representation of women. Two years later, this directive was reinforced by making compulsory compliance with the principle of parity in the appointment of independent directors. Our efforts in this regard are still ongoing with a new regulatory recommendation aimed at bringing the banking sector to further move towards the reduction of gender inequalities and a more inclusive finance. This regulatory text, which will be adopted before the end of the year, calls for a genuine implementation of the gender dimension by (i) entrenching professional gender equality within banking institutions; (ii) developing offers adapted to the needs of female customers, in particular female entrepreneurs, based on dedicated refinancing mechanisms such as “Gender Bonds”; and (iii) assisting these institutions in the implementation of funded projects. Furthermore, to catch up with the deficit in accessing financial services, the Ministry of Finance and Bank Al-Maghrib have developed and implemented a national strategy for financial inclusion. This strategy targets as a priority women, youth and the rural population. Ladies and gentlemen, Alongside these efforts as a regulator, Bank Al-Maghrib is striving as an enterprise to set an example in terms of professional equality between men and women.
Since the beginning of the millennium, the process of modernizing society was hastened with major reforms aimed at entrenching the principle of gender equality and equity. In 2004, the Civil Status Act (Moudawana) was amended and the status of women in the family further strengthened. In 2011, the country approved a new constitution that enshrines human rights and gender equality. Several laws have been adopted to ensure the harmonization of national legislation with international instruments that Morocco ratified and whose primacy are now recognized over its domestic laws. In the same vein, and to coordinate the various initiatives aimed at promoting gender equality and including women’s rights in public policies and development programs, a governmental plan for equality entitled “ICRAM” was developed for the period 2012-2016 and was later on expanded and extended until 2021. At the same time, a specific strategy for institutionalizing the principle of gender equality in the civil service was adopted in 2016. 2  EXPO 2020 DUBAI WOMEN ON BOARDS KEY ISSUES AND CHALLENGES IN THE MENA REGION  SPEECH OF MR. ABDELLATIF JOUAHRI GOVERNOR OF BANK AL-MAGHRIB (MOROCCAN CENTRAL BANK)  Today, the real challenge remains to succeed in the effective implementation of these laws and programs and to ensure a regular and close monitoring, which is hardly an easy task. Ladies and Gentlemen, Speeding up efforts to strengthen the economic role of women and reduce gender inequalities requires the mobilization of all stakeholders, government authorities, civil society, public and private institutions and national and international organizations.