Casablanca (Morocco), February 12, 2021 —The International Finance Corporation (IFC), a member of the World Bank Group, and the Club des Femmes Administrateurs au Maroc (CFA), a non-profit association dedicated to the promotion of governance and gender diversity within the boards of public and private companies in Morocco, today announced the launch of a partnership to promote the access of Moroccan women to positions of responsibility.
As part of this cooperation, IFC will strengthen the capacities of CFA-Maroc members on several themes relating to corporate governance, and will carry out awareness-raising actions aimed at strengthening the participation of women on boards of directors and management positions in companies.
Although there are a large number of women with a good level of education in Morocco, only 5 percent of companies are headed by women, while listed companies have only 17 percent of women directors.
“More than ever, the woman administrator is called upon to contribute to the construction of competitive and efficient companies capable of meeting the challenges of the day. Supporting female managerial skills to optimize the added value that they are likely to bring to the economy as a whole is a necessity ”, declared Amina Figuigui, President of CFA Maroc.
In addition to this, you need to know more about it. CFA defends parity in governance bodies as a weighty argument for economic performance, with numerous studies confirming that a significant presence of women on boards contributes to better profitability for companies.In addition, the association believes in the major role of women in promoting responsible business. Mobilizing itself against the still too strong stereotypes which hamper the promotion of women to positions of responsibility, it provides its members with a space for discussion and training.
“IFC is working with the private sector and its development partners to respond to the economic impact of the pandemic, and to ensure that gender inequalities do not widen further as a result of the crisis,” said Sérgio Pimenta, IFC Vice President for Middle East and Africa. “Our partnership with CFA-Maroc is therefore timely, especially as Morocco is in the process of committing to an ambitious, inclusive and green recovery plan, in which women will have to play an important role. "
Promoting gender equality is one of the pillars of IFC's strategy in Morocco. Gender diversity in the world of work, especially in leadership positions, indeed has a positive impact on the performance of companies, and helps to stimulate economic growth and make it more inclusive.
This project is part of IFC's Governance for Sustainability program in Morocco and is part of the MENA Private Sector Development Initiative, implemented in partnership with the Government of the Netherlands.
IFC has been present in Morocco since 1963 and has been at the origin of innovative projects for the development of the private sector. In fiscal year 2020, which ended in June, IFC committed more than $ 250 million in investments in the country.
At about CFA
Created in 2012, CFA-Maroc brings together business leaders and senior executives. Its members sit on the boards of more than 300 public and private companies in Morocco. Its action revolves primarily around the promotion and development of women's access to director positions, support for women directors, the promotion of good corporate governance and advocacy with public authorities to better representation of women in the governance bodies of Moroccan companies.
About IFC
The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private sector-focused development institution in emerging countries. It operates in over 100 countries, dedicating its capital, expertise and influence to creating markets and opportunities in developing countries. In FY2020, it invested $ 22 billion in private companies and financial institutions in developing countries, mobilizing the capacities of the private sector to end extreme poverty and promote shared prosperity. . For more information, visit www.ifc.org .
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