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Rabat, Morocco, December 20, 2013
—IFC, a member of the World Bank Group, is investing $50 million in a leading Moroccan home builder to increase the supply of quality affordable housing, create jobs, and spark broader economic development.
The investment will help Alliances Group finance its plan to build 110,000 affordable housing units – a crucial project in a country that needs an estimated 840,000 homes. The construction is expected to create jobs, help develop integrated housing communities, and improve related infrastructure. IFC will also help Alliances Group enhance its corporate governance and environmental and social standards.
“Morocco urgently needs high-quality and affordable housing for low-income families,” said Mohamed Alami Lazraq, President and CEO of Alliances Group.
Over the last 10 years, rapid economic growth and urbanization have contributed to a significant increase in the demand for affordable housing in Morocco. That trend is expected to continue.
“At a time when governments across the region are facing fiscal constraints, the private sector can help bridge the infrastructure gap,” said Joumana Cobein, head of the Maghreb region for IFC. “Private firms have the expertise and financial wherewithal to deliver projects that will make life better for the people of this region.”
In fiscal 2013, which ended on June 30, IFC committed around $272 million in Morocco. 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.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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About Alliances Group
Through a series of flagship projects undertaken since it was created in 1994, Alliances Group has become a major player in the real estate industry. Today Alliances is Morocco’s leading integrated real estate and tourism company. Alliances Group is known for its ability to carry out large projects and for the broad scope of its expertise. The Group carries on a broad range of activities across the Kingdom, including low and medium‑cost housing, residential real estate and golf resorts, service delivery, and construction/public works. In each of its projects, the group ensures that its architecture is developed with due consideration for the cultural, social and natural environment. Alliances group is committed to economic and social development and is known for the strength of its convictions and its strong vision of the future. For further information, visit the web site
www.alliances.co.ma
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