Rabat, Morocco, December 20, 2013—IFC,
a member of the World Bank Group, is investing $50 million in a leading
Moroccan home builder to increase the supply of quality affordable housing,
create jobs, and spark broader economic development.
The investment will help Alliances Group
finance its plan to build 110,000 affordable housing units – a crucial
project in a country that needs an estimated 840,000 homes. The construction
is expected to create jobs, help develop integrated housing communities,
and improve related infrastructure. IFC will also help Alliances Group
enhance its corporate governance and environmental and social standards.
“Morocco urgently needs high-quality
and affordable housing for low-income families,” said Mohamed Alami Lazraq,
President and CEO of Alliances Group.
Over the last 10 years, rapid economic
growth and urbanization have contributed to a significant increase in the
demand for affordable housing in Morocco. That trend is expected to continue.
“At a time when governments across
the region are facing fiscal constraints, the private sector can help bridge
the infrastructure gap,” said Joumana Cobein, head of the Maghreb region
for IFC. “Private firms have the expertise and financial wherewithal to
deliver projects that will make life better for the people of this region.”
In fiscal 2013, which ended on June
30, IFC committed around $272 million in Morocco. Those investments were
designed to bolster the financial sector, allow Moroccan companies to expand
into new markets, and provide young people with the skills they need to
find jobs. At the same time, IFC ramped up its advisory work, helping companies
conserve resources, combat climate change, and resolve commercial disputes
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org.
About Alliances Group
Through a series of flagship projects
undertaken since it was created in 1994, Alliances Group has become a major
player in the real estate industry. Today Alliances is Morocco’s leading
integrated real estate and tourism company. Alliances Group is known for
its ability to carry out large projects and for the broad scope of its
expertise. The Group carries on a broad range of activities across the
Kingdom, including low and medium‑cost housing, residential real estate
and golf resorts, service delivery, and construction/public works. In each
of its projects, the group ensures that its architecture is developed with
due consideration for the cultural, social and natural environment. Alliances
group is committed to economic and social development and is known for
the strength of its convictions and its strong vision of the future. For
further information, visit the web site www.alliances.co.ma.