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
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.
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,