The International Finance Corporation (IFC) has just announced the granting of a loan of 50 million dollars to Crédit du Maroc in order to support the commercial activities of Moroccan companies.
To meet the needs of small, medium and large companies in the Kingdom, in terms of working capital and meet the growing demand for trade finance in Morocco, the IFC announced on Tuesday the granting of a loan worth 50 million dollars (nearly 500 million dirhams) to Crédit du Maroc.
IFC, the leading development institution focused on the private sector in emerging countries, has partnered with the Moroccan Commercial Bank, for their first ever partnership, as part of its strategy to increase access to finance in Morocco to stimulate growth and create jobs. Indeed, this financial support comes in a global context marked by economic shocks, in particular by restricted access to foreign currency financing for trade, underlines a joint press release.
“IFC’s financing comes in a context of transition in the shareholding of Crédit du Maroc, which has become a subsidiary of the Holmarcom group since December 6, 2022, and will thus allow us to diversify our sources of foreign currency.“Said Ali Benkirane, Chairman of the Board of Crédit du Maroc.
He pursues: “Thanks to this financing, we will be able to consolidate the position of our bank in the trade finance market in Morocco and to maintain the significant volumes of trade exchanges that we finance on behalf of our customers, SMEs and large companies.“.
On the other hand, Xavier Reille, director of IFC for the Maghreb and Djibouti, said that this financing will allow Crédit du Maroc, the seventh largest bank in the Kingdom, to meet the significant liquidity needs of Moroccan companies and to help them develop their business.
“Our partnership with Crédit du Maroc contributes to IFC’s strategy to promote trade and investment in Morocco“, he explained.
According to the press release from the new partners, IFC’s financing will be accompanied by advisory services to help Crédit du Maroc strengthen its management of environmental and social risks as well as its commitment to sustainability.
Recall that in 2022, IFC celebrated 60 years of supporting private sector development in Morocco. During these six decades, it has been able to collaborate with more than 100 partners, mobilizing and investing more than $3.5 billion in projects to support small businesses, manufacturing, agribusiness, the development of infrastructure and the financial sector. As for the current portfolio of IFC in Morocco, it amounts to 237.7 million dollars.