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Economy

IFC's $100 Million Investment Fuels Morocco's Economic Growth and Green Transition

الجمعة 02 فبراير 2024 - 08:45

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The International Finance Corporation (IFC) is making a significant investment in Morocco's economic future, injecting $100 million into Crédit du Maroc to drive small business expansion and facilitate the country's shift towards renewable energy.

This financial infusion, equivalent to nearly one billion Moroccan dirhams, solidifies a strategic alliance between the IFC and Crédit du Maroc. For the IFC, the primary objective is to catalyze job creation within the private sector by incentivizing lending to small and medium-sized enterprises (SMEs), fostering women's entrepreneurship initiatives, and supporting environmentally sustainable energy projects.

Cheick-Oumar Sylla, the IFC's Regional Director for North Africa and the Horn of Africa, emphasized the significance of this partnership in advancing Morocco's economic and social progress. He stated, "This partnership will contribute to Morocco's economic and social development by enabling SMEs and women entrepreneurs to access more financing to grow their operations, while supporting Morocco's ambition to fully decarbonize its economy by 2050."

This investment comes at a pivotal moment, aligning with Morocco's recent commitment to sourcing 52% of its energy from renewable sources by 2030. The country has been actively implementing energy efficiency measures, promoting the construction of eco-friendly buildings, and advocating for climate-smart agricultural practices.

For Crédit du Maroc, the IFC's investment is integral to its parent company Holmarcom Group's overarching growth strategy, which prioritizes sustainability and financial inclusivity. Bolstered by this influx of capital, Crédit du Maroc aims to assume a leadership role in fostering an inclusive and sustainable Moroccan economy.

Ali Benkirane, CEO of Crédit du Maroc, highlighted the significance of this collaboration, stating, "With this second financing line, our strategic partnership with IFC is strengthened, allowing us to address topics that align with our strategic ambitions."

This $100 million investment builds upon an earlier $50 million credit line established by the IFC in December 2022 to assist Crédit du Maroc in meeting the growing demand for trade financing. Over the past three years, the IFC has invested and mobilized a total of $1.3 billion to promote sustainable economic development in Morocco.