President of the Council of the Casablanca-Settat Region, Morocco
I want to emphasize a crucial point in the debate: the role of Subnational Development Banks, such as our FEC in Morocco. These institutions must become trusted financial intermediaries, capable of raising funds nationally or internationally and redistributing them based on the actual absorption capacity of local authorities, not abstract criteria. This requires reforms, yes. But it also requires a change of stance on the part of our financial partners.