World Bank Group’s IFC and Attijariwafa bank Partner with Pickalbatros to Help Create More Than 7,500 Jobs and Boost Sustainable Tourism in Morocco

Marrakech, Morocco, October 15, 2026 - IFC today announced a partnership with Pickalbatros Hotels & Resorts Group to expand and modernize its hotel portfolio in Morocco, helping create more than 7,500 jobs, strengthen the country’s tourism infrastructure, and generate an estimated US$269 million in additional contributions to the economy by 2032.

Morocco’s tourism sector is growing rapidly, with international arrivals reaching 19.8 million in 2025 and a national target of 26 million visitors by 2030, when Morocco will co-host the FIFA World Cup. Continued investment in tourism infrastructure, skills, and service quality can help sustain this momentum and translate the sector’s growth into more jobs and economic opportunities. To support this expansion, IFC and Attijariwafa bank are providing a US$250 million financing package to the Moroccan subsidiaries of Pickalbatros.

The investment will enable Pickalbatros, one of Africa’s largest hospitality platforms, to acquire three hotels in Casablanca and refurbish and upgrade newly acquired and selected existing properties. The group currently operates 35 hotels across Egypt and Morocco, including seven in Morocco, where it has operated since 2015.

The expansion will also deepen South-South investment and facilitate the flow of private sector capital and hospitality expertise between African markets, while increasing the supply of quality accommodation and contributing to more modern and sustainable tourism infrastructure in Morocco.

“This financing marks an important milestone, not only in our growth journey but for Morocco’s hospitality sector, and reflects our strong confidence in the Kingdom’s tourism potential,” said Kamel Abou Aly, Founder and Chairman of Pickalbatros Hotels & Resorts. “Over the past two years, we have significantly expanded our presence in Morocco, and we look forward to contributing to Morocco’s tourism ambitions and creating lasting value for the communities in which we operate.”

The financing package includes a US$165 million loan from IFC and US$85 million in private capital mobilized from Attijariwafa bank. Up to US$80 million of IFC's loan will be covered by credit insurance through its Managed Co-Lending Portfolio Program (MCPP). The package provides long-term financing to support investment in Morocco's hospitality sector at a scale not readily available in the local market. By 2032, the project is expected to support more than 1,350 direct jobs and approximately 6,200 indirect jobs.

“Morocco has a strong opportunity to translate the continued growth of its tourism sector into more jobs and broader economic opportunity,” said David Tinel, IFC’s Country Manager for Morocco. “This investment brings together an experienced regional operator, long-term sustainability-linked financing, and private capital to support business expansion, strengthen tourism infrastructure, and help the sector grow more sustainably.”

The financing marks IFC’s first sustainability-linked green and partially blue financing in Africa and its largest investment in Africa’s hospitality sector to date. It will support Pickalbatros in improving the sustainability of its Moroccan hotel portfolio, with targets including lower greenhouse gas emissions and obtaining IFC’s EDGE certification for selected hotels, which is expected to reduce energy and water use by at least 20 percent. IFC is also providing advisory support to strengthen the company’s sustainability practices and help expand the use of sustainability-linked financing in Morocco’s hospitality sector.

The project is aligned with the World Bank Group’s new Country Partnership Framework for Morocco for FY2026-2035, launched in July 2026. The framework puts more and better jobs at the heart of the partnership and aims to support Morocco’s transition toward a more productive, inclusive, and private sector-led economy. Its priorities include making firms more productive and competitive, developing more inclusive and resilient territories, and strengthening human capital.