Press Releases
print

IFC Loan to Support Small Businesses and Help Create Jobs in Morocco


In Cairo:
Riham Mustafa, IFC
Phone: +20 22 461 4230
E-mail: RMustafa@ifc.org

In Rabat:
Nazha Hmamouche, FONDEP
Phone : +212 53 757 5750
E-mail: h.nezha@fondep.com

Rabat, Morocco, February 14, 2012—IFC, a member of the World Bank Group, is supporting Morocco’s third-largest microfinance institution, Fondation pour le Développement Local et le Partenariat (FONDEP), to help extend its lending services to local micro and small businesses to spur economic growth and job creation.

IFC will provide an integrated package of investment and advisory services that will help FONDEP mobilize funding through IFC’s $9 million partial credit guarantee. The initiative will help facilitate access to finance for local micro, small and medium enterprises and help FONDEP strengthen its lending capacity. This will strengthen FONDEP's presence in Morocco, help the institution expand its network of branches, and generate much-needed job opportunities.

“A lack of access to finance for micro and small businesses is a main barrier to both regional and local economic development,” said Mouatassim Belghazi, Chairman of FONDEP's Board of Directors. “We hope that our partnership with IFC will establish confidence among local financial institutions and encourage them to provide more funding to this underserved sector, which will in turn stimulate job creation and foster development.”

Joumana Cobein, IFC Morocco Country Officer, said, “IFC continues to foster private sector development to help spur local and regional economic growth. Micro and small businesses represent the backbone of any growing economy, and facilitating access to finance for them will contribute greatly to creating more job opportunities, increasing incomes and improving the living conditions of Moroccans.”

Morocco is the largest microfinance market in the Middle East and North Africa in terms of gross loans, and second largest in terms of number of borrowers. FONDEP has a local market share of 16 percent of gross loans and over 132,000 clients, 53 percent of them women.

About IFC

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, visit www.ifc.org.

For more information about FONDEP, visit www.fondep.com.

Stay Connected
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex