Press Releases

IFC and the Moroccan Capital Markets Authority Join Forces to Promote Green, Social and Sustainability Bonds

In Rabat:
Catherine Gozard
Phone: +212 537 544 381

Rabat, Morocco, July 6, 2018—IFC, a member of the World Bank Group, and AMMC, the Moroccan capital markets authority, announced today a comprehensive set of guidelines for new financial instruments to address climate change and drive positive social outcomes in the country.

The new guidelines have been developed by AMMC with advisory support from IFC, and comprise updated guidelines for Morocco’s green bonds market, as well as a new framework for the social and sustainability bonds market, combined into a single reference document.

Proceeds from the sale of sustainability bonds are earmarked for projects addressing climate change (green bonds) and social issues (social bonds); for example, helping micro businesses access finance or providing financial support to women-owned businesses. In addition to promoting more financial inclusion and socioeconomic advancement, they can also finance projects that target critical infrastructure and services such as healthcare, education, and social housing.

 “The new guidelines illustrate our continuous efforts to foster green finance to create a more inclusive future for everyone, and are also consistent with the kingdom’s objectives to promote sustainable development and help create a regional financial hub,” said Nezha Hayat, CEO and Chairperson of AMMC. “In addition, they fulfill the commitments we made during the COP 22 held in Marrakech.”

IFC has played a leading role in developing sustainability bond markets in emerging countries. IFC serves as co-chair of the social bond working group of the International Capital Market Association (ICMA). and IFC’s social bond program, which celebrated its first anniversary in March, aligns with ICMA’s Social Bond Principles. Since the launch of the program, IFC has issued 15 social bonds across five different currencies amounting to a total volume of $917 million.

 “IFC’s aim is to deepen capital markets in Morocco, which will help foster social inclusion and support the development of the country’s green economy,” said Xavier Reille, IFC Country Manager for the Maghreb region.

IFC has also played a key role in developing the green bond market, which was worth $155 billion in 2017, a 64 percent increase from the previous year. IFC invests in green bonds issued by the private sector, often as an anchor investor, and helps governments and public authorities create credible and transparent capital markets, part of larger efforts to combat climate change and encourage more capital markets financing to the real economy.

This initiative was made possible thanks to IFC’s development partners, the Canadian Department of Foreign Affairs, Trade and Development (DFATD) and the Hungarian Export-Import Bank.  

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit