Rabat, Morocco, August 6, 2013
—IFC, a member of the World Bank Group, has doubled its investments in Morocco during the last year, supporting the growth of the country's private sector and helping create jobs.
During the 2013 fiscal year, which ended on June 30, IFC committed around $272 million in the country, up from $138 million in the preceding 12 months. Those investments were designed to bolster the financial sector, allow Moroccan companies to expand into new markets, and provide young people with the skills they need to find jobs. At the same time, IFC ramped up its advisory work, helping companies conserve resources, combat climate change, and resolve commercial disputes quickly.
“Morocco has tremendous economic potential, and the best way to unlock that is by supporting business, both large and small,” said Joumana Cobein, IFC’s head of the Maghreb region. “At a time when governments across the region are tightening their belts, the private sector must drive growth.”
To support that process, IFC and two funds managed by the organization invested $204 million in Banque Centrale Populaire. The investment will help the bank lend to a greater number of small businesses and allow it to expand into Sub-Saharan Africa, where many entrepreneurs struggle to get credit.
During the last year, IFC also invested $7 million in the Hautes Etudes de Management, helping the business and vocational accept more students, including those from low-income households. As well, IFC is spearheading a nearly $400 million facility that will provide loans to small business across the Middle East and North Africa, including in Morocco.
The organization is also working with a local partner to show companies how they can save water, reduce waste, and limit greenhouse gas emissions.
Teams are helping businesses improve their corporate governance and internal controls, which are vital for attracting investors. At the same time, IFC is supporting the practice of judicial mediation, which allows companies to settle commercial disputes quickly and amicably, outside of the court system.
IFC has also worked with one of the country's largest microfinance institutions, Fondep, to help mirco, small, and medium enterprises access credit.
The projects are part of a country-wide effort by IFC to support the private sector and drive economic growth. Since 2010, IFC’s investments in the country have increased almost 15-fold.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
Stay Connected
