Press Releases
print

IFC and Morocco’s BCP Expand Partnership to Increase South-South Investment into Sub-Saharan Africa


In Abjidjan
Hafsa Dia-Batchily
Phone: +225 22 400 448
E-mail: HDiabatchily@ifc.org

In Rabat
Catherine Gozard
Phone: +212 (0)537 544 300
E-mail: CGozard@ifc.org

Abidjan, Cote d’Ivoire, February 25, 2014—IFC, a member of the World Bank Group, and Morocco’s Banque Centrale Populaire today agreed to cooperate to identify new investment opportunities in Sub-Saharan Africa that would improve access to finance for local micro, small and medium enterprises and boost cross-border trade in the region.

Through today’s memorandum of understanding, IFC seeks to consolidate its long-term partnership with BCP, support South-South investment, and expand MSMEs’ access to financial services in markets where consumers and businesses today have few options. Potential IFC investments that could to amount to as much as $50 million include a joint equity investment with BCP in a new microfinance institution in Côte d’Ivoire, and trade finance guarantee facilities for BCP’s banking subsidiaries throughout Sub-Saharan Africa

“The experience and expertise of IFC in Africa will help BCP,” said Mohamed Benchaaboun, CEO of BCP. “We hope to expand our operations in other developing economies and help Sub-Saharan Africa reach its potential.”

Today’s agreement continues the partnership between IFC and BCP Group. In September 2012, IFC made a $200 million equity investment in BCP corresponding to a 5 percent stake, and in December 2013 IFC contributed a $20 million debt facility to BCP Group subsidiary Foundation Banque Populaire pour le Micro-Crédit.

Georgina Baker, Director, Trade and Supply Chain of IFC, said, “IFC is committed to improving the flow of investment between emerging markets, expanding access to finance for small business, and reaching markets that are underserved.”

IFC has expanded investments in Sub-Saharan Africa nearly 40-fold over the past decade to $5.3 billion during the 2013 fiscal year, with new investments in over 30 economies in recent years, and advisory services active in more than 40 countries. IFC has built a local knowledge of Sub-Saharan African markets, with staff resident in 24 countries, offering perspective and providing services that increase the success of clients’ investment projects. As of 2013, IFC had an investment portfolio of $2.4 billion in 148 financial institutions in Sub-Saharan Africa.  

About IFC
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

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