Rabat, Morocco, October 10, 2018—IFC,
a member of the World Bank Group, is strengthening its partnership with
Al Amana, Morocco’s largest microfinance institution, to increase funding
for micro- and small-scale entrepreneurs, enabling their businesses to
grow, create jobs, and spur growth.
With this extended partnership, IFC is
providing a comprehensive advisory services package, to support the institution’s
digital transformation, and a landmark local currency loan of 20 million
Moroccan dirhams. In Morocco, as in many other developing markets, micro
and small businesses often struggle to obtain the financing they need.
IFC’s new initiatives will enable Al Amana to increase access to finance
for such businesses, develop the finance ecosystem, and boost growth. With
a market share of 40 percent, Al Amana is Morocco’s largest microfinance
institution (MFI) and one of the largest in the Middle East and North Africa.
“By providing this loan in local currency,
IFC is supporting our strategy to accelerate our reach to those most in
need and helping us integrate underserved segments of the population into
the formal economy,” said Youssef Bencheqroun, CEO of Al Amana.
Al Amana has been a long-term IFC partner.
Since 2007, the total amount IFC invested to support the institution has
reached about 100 million dirhams ($10 million). Through advisory services,
IFC has also supported Al Amana in its efforts to align with international
best practices in risk management and governance.
“Local currency financing is a crucial
part of sustainable private sector investment and especially important
for small businesses,” said Xavier Reille, IFC Country Manager for the
Maghreb region. “Supporting micro and small businesses is a priority for
us as they help create jobs, reduce poverty, and drive broader economic
Since 2006, IFC has invested $75 million
and implemented a number of wide-ranging advisory programs to boost financial
inclusion in Morocco. That work has helped microfinance institutions improve
their governance and risk management and supported the development of new
products and services.
About Al Amana
Al Amana Microfinance is a microfinance
institution founded in February 1997 and approved by the Ministry of Finance
in March 2000. A leader in Morocco’s microfinance sector, Al Amana has
a network of more than 643 branches and 2,500 employees serving more than
350,000 active borrowers, as of December 2017. We offer our clients financial
services including microcredit, money transfers, and microinsurance, as
well as non-financial services like training and product marketing support.
For more information, visit www.alamana.org.ma
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 fiscal year 2018, we delivered more than $23 billion
in long-term financing for developing countries, leveraging the power of
the private sector to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org