Morocco’s economic and social transformation requires “unprecedented financial resources,” and the bulk of those resources should come from domestic financial institutions, King Mohammed VI said in a Throne Day speech on Wednesday. As the country celebrates the 27th anniversary of the king’s accession to the throne, the monarch called on the national financial sector to “continue supporting investment in major development projects.” Morocco is home to one of Africa’s most sophisticated banking ecosystems. Despite its well-developed banking sector, Morocco faces a significant financing gap for micro, small, and medium-sized enterprises (MSMEs), estimated at between $20.4 billion and $37 billion, according to the International Monetary Fund (IMF). Morocco is home to one of Africa’s four largest stock exchanges by market capitalization, with a market value approaching $100 billion.