The International Finance Corporation (IFC) and Crédit du Maroc announced, on Thursday, the strengthening of their partnership through a $100 million (M) financing package, equivalent to nearly one billion dirhams, in favor of the Moroccan bank to facilitate the development of small and medium-sized enterprises (SMEs), women’s entrepreneurship and green projects.
This agreement is in line with IFC’s strategy in Morocco, which aims to support private sector-led economic growth and job creation in the Kingdom by promoting the development of SMEs, the backbone of the Moroccan economy, and to develop projects capable of mitigating the effects of climate change, said the two parties in a joint statement.
“This partnership between Crédit du Maroc and IFC will contribute to economic and social development in Morocco by enabling SMEs and women entrepreneurs to access more financing to expand their activities, while supporting Morocco in its ambition to decarbonize its economy by 2050,” said Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, quoted in the release.
SMEs account for over 90% of businesses and contribute more than 20% of Morocco’s GDP, the same source said, citing World Bank data. It adds: “However, they struggle to access financing to grow and create employment.”
“Morocco has recently made significant progress of increasing the share of renewable energy to 52% of its energy mix by 2030, and continues its efforts in energy efficiency, green buildings, and climate-smart agriculture,” the press release states.
Crédit du Maroc’s commitment to fostering the growth of SMEs, women entrepreneurship, and the green economy is in line with the ambition of the financial arm of the Holmarcom Group to drive its growth strategy while considering sustainability and inclusivity issues.
Together with its partners, notably IFC, the Group is committed to various projects and initiatives that contribute to the development of inclusive finance and a responsible economy.
“Crédit du Maroc, now a subsidiary of the Moroccan Holmarcom Group, is more determined than ever to play a leading role in building an inclusive and sustainable economy. With this second financing line, our strategic partnership with IFC is strengthened, allowing us to address topics that are close to our hearts and align with our strategic ambitions,” said Ali Benkirane, CEO of Crédit du Maroc.
This agreement is the second partnership between Crédit du Maroc and IFC. In December 2022, the two institutions signed an agreement to set up a $50 million financing line to meet the growing demand for trade financing in the country.
Over the past three fiscal years, IFC has invested and mobilized $1.3 billion, and has already committed $470 million for the current fiscal year to support sustainable economic development in Morocco.
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