satellite seminar on financial inclusion held in conjunction with the 61st world statistics congress opening remarks by mr. abdellatif jouahri governor of bank al - maghrib marrakech, july 14, 2017 “ while data is important, the right data is essential ” albert einstein honorable chair of the irving fisher committee, honorable governor of the beac, distinguished guests, ladies and gentlemen, it is with great pleasure that i welcome you to morocco on the occasion of this international seminar on financial inclusion, which will focus on data and their important role in developing policies and strategies that take into account on - the - ground realities and then measuring and assessing the impact of these policies. first of all, i would like to thank our partners, the irving fisher committee on central bank statistics and the center for latin american monetary studies for their valuable contribution to the organization of this event, held as usual on the sidelines of the 61st world statistics congress. the topic of our meeting further underscores the importance that central banks and international standardization bodies attach to financial inclusion. it is a subject that is of increasing interest to them, particularly with regard to its interactions with financial stability, resulting in hindering the policies put in place to develop access to and use of financial services. a sustainable and efficient financial inclusion requires a long - lasting balance between innovation and the safeguards that need to be developed in order to ensure the soundness of the financial sector. ladies and gentlemen, as you know, financial inclusion has become an important factor in economic efficiency and social equity, and international organizations have, for nearly a decade, underlined its importance and the need for public authorities to adopt national strategies for financial inclusion. the world bank considers financial inclusion as a key factor for poverty alleviation and has set itself the goal of achieving universal access to financial services by 2020. under this framework, it targets 25 priority countries, including morocco. to this end, it launched in 2012 the financial inclusion support framework ( fisf ), aligned with the maya declaration, to support the implementation of country commitments. for its part, the g20 has made financial inclusion one of its working themes, and in 2009 established an expert group who drew up the nine core principles for innovative financial inclusion. in 2010, the g20 launched the global partnership for financial inclusion, including all g20 countries and interested non - g20 countries. this partnership helps strengthen coordination and collaboration between the various national and international stakeholders through its three key implementing partners : the

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