are ongoing within central banks and international bodies such as the financial stability board and the network for greening the financial system ( ngfs ), which brings together over a hundred central banks and financial supervisors. ladies and gentlemen, 2 / 4 bis - central bankers'speeches at bank al - maghrib, we have been involved in these national and global efforts to combat climate change and its impacts for several years. in 2016, on the sidelines of cop22 held in marrakech, the bank rallied regulators and stakeholders in the national financial sector around a roadmap on sustainable finance. in the same vein, bank al maghrib is working alongside the ministry of finance and other financial regulators to draw up a strategy for financing the fight against climate change. this should make it possible to assess the green financing gap and identify measures and mechanisms to enable the national financial sector, as well as foreign financial institutions, to amplify their contribution to green and climate finance. it will be supported by the adoption of a green finance taxonomies, necessary to channel financial flows and prevent " green washing ". regarding banking regulation, bank al - maghrib issued in 2021 a directive on the management of financial risks related to climate change and the environment. to assist banks in its deployment, bank al - maghrib, with the support of the world bank, has carried out an assessment of the banking sector's exposure to physical and transitional climate risks, as well as an analysis of climate shock scenarios. bank al - maghrib is currently working on new regulatory guidelines to provide banks with guidance on the data to be collected as well as the indicators and metrics to be put in place to measure climate - related risks emanating from major borrowers and to assess the green and sustainable portion of their portfolios. they also aim to transpose international sustainability transparency standards to enhance market discipline within the banking sector. in terms of managing its foreign exchange reserves, bank al - maghrib incorporates the principle of sustainability into its investment guidelines, by promoting sustainable and responsible investments. as of 2016, at cop22 hosted in marrakech, the bank invested $ 100 million in green bonds issued by the world bank. more recently, in 2023, it made a similar investment of 200 million dollars. its investments in green, social and sustainable bonds currently account for 7 percent of foreign exchange reserves, with a long - term target of 10 percent. bank al - maghrib strengthened its commitment to the

, since 2007 both the ministry of finance and bank almaghrib have considered financial inclusion as a major instrument to develop a comprehensive strategy of the financial sector by 2020 which aims to deepen the national banking market, develop capital markets and position our country as a regional financial hub. through our commitment to the maya declaration in 2013, we announced our pledge to promote access to and use of quality financial services based on sound and solid foundations. that same pledge was reaffirmed in 2016 as part of the roadmap of aligning the moroccan financial sector to sustainable development goals at the cop 22 held last year in marrakech. this commitment reflects our willingness and determination to continue our financial inclusion efforts, which have enabled morocco to become a regional benchmark, given the significant progress it has achieved in this regard. such efforts have been reported by the world bank and the imf during their last financial sector assessment mission ( fsap ) conducted in 2015. ladies and gentlemen, aware of the importance of data for designing relevant policies, bank almaghrib has taken specific measures to develop, in line with international standards, a set of indicators which address two fundamental dimensions of financial inclusion : access to and use of financial services. as for the “ quality ” dimension, it is monitored for the time being through the banking services price index, which we developed in 2011 and which accurately reflects the cost and trend of banking services. moreover, considering the weight of very small, small and medium enterprises ( vsmes ) in our industrial fabric and their role in employment and wealth creation, we mobilized various public and private actors to establish an observatory for vsmes. founded in 2016, this observatory aims at ( 1 ) centralizing national and regional data and information on vsmes, and ( 2 ) generating demographic, economic and financial information on economic sectors in order to allow stakeholders to respond more effectively to the issue of financing this specific category of companies. we have also established two credit bureaus, the first in 2007 and the second in 2016, in order to provide credit institutions and similar bodies with a common platform for the exchange of data. the objective of this platform is to help these institutions better assess the risks incurred on their counterparties, through solvency reports specifying the commitments of their customers and their payment behaviors. it also allows bank al - maghrib to measure the use of loans by the population and to evaluate the impact of actions taken on the supply and demand side. and in 2013 we launched, jointly