IFC and Crédit du Maroc Bank Collaborate to Support SMEs, Women’s Entrepreneurship, and Green Projects

The International Finance Corporation (IFC) has recently announced its partnership with Crédit du Maroc Bank to provide a $100 million financing package aimed at supporting the development of small and medium-sized enterprises (SMEs), women’s entrepreneurship, and green projects.

As stated in the joint release by both entities, this collaboration aligns with IFC’s strategic objectives in Morocco, which focus on promoting private sector-led economic growth and job creation by assisting SMEs and advancing projects that can mitigate the impacts of climate change.

Cheick-Oumar Sylla, IFC Regional Director for North Africa and the Horn of Africa, expressed optimism about the partnership’s potential to contribute to economic and social development in Morocco. He emphasized the importance of enabling SMEs and women entrepreneurs to access more financing, while also supporting Morocco in achieving its goal of decarbonizing its economy by 2050.

The press release cited World Bank data, indicating that SMEs represent over 90% of businesses in Morocco and contribute more than 20% to the country’s GDP. Despite their significant contribution, SMEs often encounter challenges in accessing the necessary financing to expand their operations and create employment opportunities.

In addition to supporting SMEs and women’s entrepreneurship, the partnership between IFC and Crédit du Maroc Bank also aligns with Morocco’s efforts to increase the share of renewable energy in its energy mix to 52% by 2030. The country is also committed to enhancing energy efficiency, promoting green buildings, and implementing climate-smart agriculture practices.

This collaboration between Crédit du Maroc and IFC builds upon their previous agreement in December 2022, where the two institutions established a $50 million financing line to address the growing demand for trade financing in the country.

IFC’s dedication to sustainable economic development in Morocco is evident through its substantial investments in the country. Over the past three fiscal years, IFC has invested and mobilized $1.3 billion, with an additional $470 million committed for the current fiscal year to further support Morocco’s sustainable economic development.

The partnership between IFC and Crédit du Maroc Bank signifies a significant step towards fostering inclusive and sustainable economic growth in Morocco. It holds the promise of empowering SMEs, advancing women’s entrepreneurship, and promoting environmentally-responsible initiatives, ultimately contributing to the overall development of the country’s economy.