Rabat, Morocco, January 30, 2012 -
IFC, a member of the World Bank Group, and the IFC African, Latin American,
and Caribbean Fund are making equity investments in Morocco-based insurance
provider Saham Finances to help the company expand into parts of Africa
where many people lack health, life, and business insurance coverage.
IFC and the IFC ALAC Fund, managed by IFC Asset Management Company, are
investing the Moroccan dirham equivalent of €90 million in Saham Finances.
The investment will support the growth of the company, with a focus on
extending coverage across sub-Saharan Africa, where rates of insurance
coverage are among the lowest in the world.
“IFC has a unique reach and understanding of the financial sector in sub-Saharan
Africa, which will be extremely valuable as Saham embarks on its growth
plan,” said Moulay Hafid Elalamy, chairman of Saham Finances. “Our partnership
with IFC will also help us expand our insurance products into challenging
new markets and it is a vote of confidence in our business.”
Saham Finances is a holding company which controls CNIA-SAADA, the third
largest insurance company in Morocco; Colina Participations, an insurance
group with operations in West and Central Africa; and ISAAF, a leading
Morocco-based assistance and travel insurance company. Through its subsidiaries,
Saham Finances offers life and non-life insurance to individuals, households,
“Increased insurance coverage is a vital component of economic development.
It gives private businesses the confidence they need to take risks, grow
and create new jobs,” said Mouayed Makhlouf, IFC Director for the Middle
East and North Africa. “IFC’s investment in Saham is in line with our
strategy to support cross border investments and channel know-how into
less developed markets. We look forward to our partnership with Saham and
to supporting the company's technical and financial needs as it expands
its insurance operations in the region.”
Sujoy Bose, Chief Investment Officer and Head of the IFC ALAC Fund added,
“We are pleased to be investing in Saham Finances to support the growth
of the company’s operations in Sub-Saharan Africa, one of the fastest-growing
insurance markets in the world. We look forward to facilitating Saham’s
expansion and growth throughout this region.”
The investment is part of IFC’s efforts in the Middle East and North Africa
to promote economic development by supporting private-sector companies.
In the last year, IFC has invested over $2 billion in these regions, including
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,
About IFC Asset Management Company
IFC Asset Management Company LLC, a wholly-owned subsidiary of IFC, invests
third-party capital, enabling outside investors to benefit from IFC’s
expertise in achieving strong equity returns as well as positive development
impact in the countries in which it invests. It manages the $3 billion
IFC Capitalization Fund as well as the IFC ALAC Fund.
About the IFC African, Latin American, and Caribbean Fund
The IFC ALAC Fund is a US$1 billion fund that has commitments from six
sovereign and pension investors as well as IFC. The Fund was launched in
April 2010 and is focused on making equity and equity-related investments
in Africa, Latin America and the Caribbean.