Press Releases

IFC, Casablanca Stock Exchange Partner to Help Companies Access Capital Markets

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

In Casablanca:
Sofia Bettioui
Phone: +212 522 45 75 06 / +212 661 86 81 64

Casablanca, Morocco, April 13, 2018—IFC, a member of the World Bank Group, and the Casablanca Stock Exchange are partnering to help companies in Morocco attract investment, part of an effort by IFC to support job creation and economic growth in the kingdom.

IFC will advise officials at the exchange, the second-largest in Africa by capitalization, as it offers small and medium enterprises advice on corporate governance and financial reporting. The program is designed to help smaller companies, a key part of Morocco’s economy and major source of jobs, eventually list on the exchange. That would give them crucial access to capital from both foreign and local investors, allowing them to expand and create jobs.

“Small and medium enterprises (SMEs) form the backbone of Morocco’s economy,” said Karim Hajji, the General Manager of the Casablanca Stock Exchange. “We are happy with the support of IFC to this program, that will offer to Moroccan companies the support they need to find new and more sophisticated funding sources, and ultimately, one day, list on the exchange, which will be key to furthering their development.”

Some of the  training that IFC and the Casablanca Stock Exchange will be offering is based on a program, called ELITE, developed by the London Stock Exchange. It helps enterprises access new sources of finance and list on stock exchanges. Forty-eight companies have gone through the ELITE training program, which was launched in Morocco in 2016.

“Smaller businesses in Morocco are too reliant on bank funding and lack capital market instruments to fund their growth,” said Xavier Reille, IFC Country Manager for the Maghreb region. “IFC’s partnership with the Casablanca Stock Exchange and the ELITE program will help fast-growing Moroccan SMEs access capital markets to grow and innovate.”

The project is part of a larger effort by IFC to support the development of Morocco’s capital markets, create jobs, and drive economic growth. IFC has a committed portfolio of almost $300 million in Morocco and is also engaged in a wide-ranging advisory services program.

About the Casablanca Stock Exchange  
The Casablanca Stock Exchange (CSE) was established in 1929. It is one of the most developed markets in Africa with 74 listed companies and a market capitalization of 627 billion Moroccan dirhams (at the end of 2017). It operates under a license from the Ministry of Economy and Finance. Quality of service is integral to the CSE, which is ISO 9001 and ISO 27001 certified. In 2016, the Casablanca Stock Exchange implemented a new technology platform provided by MillenniumIT. This state-of-the-art platform better addresses financing needs and allows for the hedging of market risks, while supporting the development of the local and regional financial markets.

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In 2016, the CSE began implementing the ELITE program in partnership with the London Stock Exchange Group (LSEG). ELITE is a program developed by the LSEG and was deployed for the first time in 2012 by its subsidiary Borsa Italiana in Italy. The program was adapted and implemented in the United Kingdom in 2014 and in several other European countries. In 2016, Morocco was the first non-European country in which ELITE has been deployed. ELITE constitutes a vibrant ecosystem that aims to support and enhance innovation, entrepreneurship and growth. ELITE engages companies which join it to identify their problems and implement appropriate measures to solve them. These companies may obtain the ELITE label which provides them with enhanced visibility among domestic and international investors and facilitates their financing.

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

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