Casablanca, Morocco, February 1, 2024 — IFC today announced a loan for Crédit du Maroc, Morocco's seventh largest private bank, to facilitate the development of small and medium-sized enterprises (SMEs), women entrepreneurship, and green projects in the country.
IFC's $100 million loan aligns with IFC's strategy to support private sector-led economic growth and job creation in Morocco. Crédit du Maroc will use the funds to increase lending to smaller businesses across various sectors, to women-led businesses, and to support green projects, including energy efficiency, renewable energy, certified green buildings and climate smart agriculture.
"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 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's Regional Director for North Africa and the Horn of Africa.
SMEs represent over 90 percent of businesses and contribute to more than 20 percent of Morocco's GDP, according to World Bank data. However, they struggle to access financing to grow and create employment, with few having access to bank loans or credit lines.
Regarding clean energy, Morocco has recently made significant progress of increasing the share of renewable energy to 52 percent of its energy mix by 2030, and continues its efforts in energy efficiency, green buildings, and climate-smart agriculture.
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.
The Group is committed, along with its partners, including IFC, to various projects and initiatives that contribute to the development of inclusive finance and a responsible economy.
This agreement is the second partnership between Crédit du Maroc and IFC. In December 2022, the two institutions signed an agreement to establish 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.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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