Rabat, Morocco, September 22, 2014—IFC,
a member of the World Bank Group, and Bank Al-Maghrib, the Central Bank
of Morocco, will organize an international symposium to train African and
MENA central banks and financial regulators on financial infrastructure
and risk management that will help smaller businesses gain access to finance
and boost economic growth.
The four-day event will bring together some 40 international experts and
150 attendees from 35 central banks and 50 countries.
“This event will present the sizable benefits of credit bureaus and collateral
registries,” said Joumana Cobein, IFC Country Manager for the Maghreb
region. “Thanks to information sharing between financial institutions,
regulators, and other financial parties, these tools contribute to expanding
access to finance for households and MSMEs in emerging economies by simplifying
the decision-making process and reducing credit costs and payment defaults.”
The event will also address the regulator’s role in managing credit bureau
and collateral registries, and impact of new technologies on data management.
Bank Al-Maghrib has successfully implemented and managed a credit bureau
since 2008. IFC’s partnering with it for the event aims to leverage that
experience. Over the last six years, Bank Al-Maghrib has successfully raised
the bureau’s profile among financial institutions and their clients –
an impressive achievement that places Morocco among the top in the MENA
“Bank Al-Magrib has always worked with IFC to acquire industry expertise
and for financial support,” said Khalid Zbir, Head of Branch Network and
Public Credit Registry Department of Bank Al-Maghrib. “IFC provides similar
advisory services to other central banks in emerging countries, especially
in Africa. This event shows IFC’s commitment to develop financial infrastructures
across the whole continent.”
This project is made possible with the support of the Arab Monetary Fund;
the MSME Technical Assistance Facility in MENA, a joint initiative between
IFC and the World Bank; the Switzerland’s State Secretariat for Economic
Affairs, and UKaid.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.