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Rabat, Morocco, March 17, 2015
—IFC, a member of the World Bank Group, says that high growth and rapidly diversifying markets in Sub-Saharan Africa mean the region offers among the most promising foreign investment and trade opportunities for Moroccan companies today.
Fueled by increased domestic consumption and a growing workforce, growth in the Sub-Saharan region has averaged more than five percent over the last decade. Meanwhile, 62 percent of the region’s population—which totals more than 900 million—is below the age of 25, while its share of the world’s working-age population is set to double from 10 percent in 2010 to 20 percent in 2050, or about 1.22 billion people.
“Continued high growth in Sub-Saharan Africa makes this the right time for new investment,” said Saran Kebet-Koulibaly, IFC Director for West and Central Africa, at the conclusion of a visit to which she met with a range of Moroccan business and government leaders. “New investors in the region require partners like IFC – with experience, local presence, and global expertise – to help them succeed. IFC is well-placed to be that financial partner for Moroccan companies, especially for businesses that create jobs and help increase shared prosperity.”
Sub-Saharan Africa’s large rural population, combined with rapid urbanization, is driving the need for new investment in agribusiness and infrastructure. Rising consumer demand is also fuelling sectors like financial services, housing, retail and telecommunications. In the power sector, the region requires up to seven gigawatts of new power capacity each year, while there is an infrastructure funding gap of nearly $50 billion across power, transport, utilities and other subsectors.
“IFC has strong partnerships with Moroccan companies that it seeks to extend to investments in new markets,” said IFC Country Manager for Morocco, Joumana Cobein. “Moroccan companies are making headway expanding into Africa and we expect to see that process gain pace in the years ahead, especially in agribusiness, construction, financial services, infrastructure, retail, and telecommunications, among other areas.”
Trade between Morocco and Sub-Saharan Africa has more than tripled over the past decade, to $1.6 billion in 2013. Even with the rapid growth, there is further opportunity for expansion as exports to Sub-Saharan Africa still make-up less than five percent of Morocco’s exports.
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 about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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