According to International Finance Corporation press release on February 9, 2023, to help meet growing demand for trade financing in Morocco, IFC announced a loan of $50 million to Crédit du Maroc, which will deploy the funds to support the trade-related activities of both large and smaller businesses in the country, and help them address working capital needs.
IFC's loan is part of its strategy to increase access to finance in Morocco to spur growth and create jobs. It comes at a challenging time in the global economy, marked by constrained access to foreign exchange funding for trade.
The partnership is IFC's first with Crédit du Maroc, Morocco's seventh largest bank, which was recently majority acquired by Moroccan conglomerate Holmarcom, an IFC partner since 2021.
"IFC's financing comes during a period of shareholder transition at Crédit du Maroc, which has become since December 6th, 2022, a subsidiary of Holmarcom Group, and will help meet our aim of diversifying our foreign currency sources," said Ali Benkirane, Chairman of the Board of Crédit du Maroc. "With this loan, we will be able to consolidate Crédit du Maroc's position in trade finance in Morocco and maintain the high trade volumes that the bank has been financing with our corporate and small, and large enterprise clients."
"Our partnership with Crédit du Maroc is part of IFC's strategy to promote trade and investment in Morocco," said Xavier Reille, IFC Country Manager for the Maghreb and Djibouti. "IFC's financing will enable Crédit du Maroc to meet critical liquidity needs of businesses and help them grow their trade operations."
IFC's financing will be complemented by advisory services to help Crédit du Maroc bolster its environmental and social risks management as well as its commitment to sustainability.
In 2022, IFC marked 60 years supporting private sector development in Morocco, where it has worked with more than 100 partners and mobilized and invested more than $3.5 billion in projects to support small businesses, manufacturers, agribusinesses, infrastructure development, and the financial sector.
IFC's current portfolio in Morocco stands at $237.7 million.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About Crédit du Maroc
A subsidiary of Holmarcom Group, Crédit du Maroc is a universal and generalist bank serving all types of clients, ranging from individuals, professionals, farmers to enterprises. The bank, an essential economic and financial actor as well as a solid partner in the Moroccan economy, is part of the Kingdom's history for more than 90 years.
Its growth approach, its large commercial network with 265 agencies across the country, and the mobilization of its driving force (2400 employees) are built upon innovative strategies to satisfy its clients' needs.
Crédit du Maroc offers tailored solutions aiming to meet its clients' demands, from daily banking services to corporate and investment banking services as well as asset management, leasing, private banking services, bancassurance, financing, savings, factoring, and participatory finance through "Arreda".
For more information, visit: www.creditdumaroc.ma
