Rabat, Morocco, July 8, 2014
—IFC, a member of the World Bank Group, is helping Bank Al-Maghrib, the Central Bank of Morocco, to develop new legislation on sharing credit information, which will help micro, small and medium enterprises (MSMEs) access finance and contribute to economic growth.
IFC will help Bank Al-Maghrib strengthen and organize the burgeoning credit reporting sector by advising on new laws and regulations that meet international standards. This will make it easier for lenders to share the credit history of potential borrowers, and allow lending institutions to better manage risks—increasing finance for MSMEs that often struggle to get the funding they need. IFC will also help the Central Bank create new guidelines to better supervise the sector.
“Our partnership with IFC will help begin the necessary reforms to let businesses access the much needed financing opportunities that will contribute to their growth,” said Khalid Zbir, Head of Branch Network and Public Credit Registry Department of Bank Al-Maghrib.
IFC’s involvement will raise awareness of credit reporting across various markets among small businesses, and in the public sector, which in turn will encourage lending and borrowing to boost the economy.
“Creating a better environment for doing business is key to our work in Morocco,” said Joumana Cobein, IFC Country Manager in Morocco. “Clear and transparent regulations allow small businesses to realize their potential through increased access to finance.”
IFC’s strategy in Morocco focuses on increasing private sector led economic growth, creating jobs, expanding access to finance for small businesses, supporting renewable energy, and improving physical and social infrastructure—especially the economic inclusion of young people and women.
This project was made possible with the support of the MSME Technical Assistance Facility in MENA, a joint initiative between IFC and the World Bank. The facility is supported by the Canadian Department of Foreign Affairs, Trade and Development, the Danish International Development Agency, Japan, Switzerland’s State Secretariat for Economic Affairs, and UKaid.
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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