RABAT, Feb. 20 (Xinhua) -- The World Bank Board of Executive Directors has approved a 700-million-U.S. dollar loan to promote financial inclusion and transformation to a digital economy in Morocco, local media reported Wednesday.

Citing a statement from the World Bank, the financial news site Medias24.com said this financial tool, dubbed Development Policy Financing program, aims to foster financial inclusion and contribute to digital transformation for individuals, enterprises, and entrepreneurs.

This program is meant to diversify financial instruments through the expansion of the regulatory and institutional framework for microfinance, agricultural finance, insurance coverage for entrepreneurs, and Islamic finance products, as well as better monitoring of gender gaps, the same source pointed out.

It will also support reforms needed to develop digital platforms like mobile payment systems, e-commerce platforms with a focus on financial market infrastructure and mobile payments, the source noted.