The International Finance Corporation (IFC) will help Crédit du Maroc Bank facilitate the development of small and medium-sized enterprises (SMEs), women’s entrepreneurship, and green projects with a $100 million financing package. SMEs account for over 90% of businesses and contribute more than 20% of Morocco’s GDP, the press release said, citing World Bank data. This agreement is the second partnership between Crédit du Maroc and IFC. In December 2022, the two institutions signed an agreement to set up a $50 million financing line to meet the growing demand for trade financing in the country. Over the past three fiscal years, IFC has invested and mobilized $1.3 billion, and has already committed $470 million for the current fiscal year to support sustainable economic development in Morocco.

Source: The North Africa Journal February 03, 2024 13:37 UTC