Rabat, Morocco, August 6, 2013—IFC,
a member of the World Bank Group, has doubled its investments in Morocco
during the last year, supporting the growth of the country's private sector
and helping create jobs.
During the 2013 fiscal year, which ended
on June 30, IFC committed around $272 million in the country, up from $138
million in the preceding 12 months. Those investments were designed to
bolster the financial sector, allow Moroccan companies to expand into new
markets, and provide young people with the skills they need to find jobs.
At the same time, IFC ramped up its advisory work, helping companies conserve
resources, combat climate change, and resolve commercial disputes quickly.
“Morocco has tremendous economic potential,
and the best way to unlock that is by supporting business, both large and
small,” said Joumana Cobein, IFC’s head of the Maghreb region. “At a
time when governments across the region are tightening their belts, the
private sector must drive growth.”
To support that process, IFC and two
funds managed by the organization invested $204 million in Banque Centrale
Populaire. The investment will help the bank lend to a greater number of
small businesses and allow it to expand into Sub-Saharan Africa, where
many entrepreneurs struggle to get credit.
During the last year, IFC also invested
$7 million in the Hautes Etudes de Management, helping the business and
vocational accept more students, including those from low-income households.
As well, IFC is spearheading a nearly $400 million facility that
will provide loans to small business across the Middle East and North Africa,
including in Morocco.
The organization is also working with
a local partner to show companies how they can save water, reduce waste,
and limit greenhouse gas emissions.
Teams are helping businesses improve
their corporate governance and internal controls, which are vital for attracting
investors. At the same time, IFC is supporting the practice of judicial
mediation, which allows companies to settle commercial disputes quickly
and amicably, outside of the court system.
IFC has also worked with one of the
country's largest microfinance institutions, Fondep, to help mirco, small,
and medium enterprises access credit.
The projects are part of a country-wide
effort by IFC to support the private sector and drive economic growth.
Since 2010, IFC’s investments in the country have increased almost 15-fold.
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, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.