Finance

Crédit du Maroc secures $100mln IFC financing for green projects

Wednesday, 07 February 2024 11:13
Crédit du Maroc secures $100mln IFC financing for green projects

(Ecofin Agency) - The International Finance Corporation (IFC) announced on February 1 the establishment of a $100 million financing facility for the Moroccan commercial bank, Crédit du Maroc. This marks the second loan agreement between IFC and the Moroccan bank listed on the Casablanca Stock Exchange, coming a year after the initial $50 million deal.

The five-year facility will help the recipient expand its financing solutions for small and medium-sized enterprises (SMEs), eco-friendly projects, and women-led businesses. Ali Benkirane, Chairman of the Board of Crédit du Maroc, expressed the bank's commitment to play “a leading role in building an inclusive and sustainable economy”. “With this second financing line, our strategic partnership with IFC is strengthened, allowing us to address topics that are close to our hearts and align with our strategic ambitions," he added.

Cheick-Oumar Sylla, IFC's Regional Director for North Africa and the Horn of Africa explained that the partnership will “contribute to economic and social development in Morocco by enabling SMEs and women entrepreneurs to access more financing to expand their activities while supporting Morocco in its ambition to decarbonize its economy by 2050”.

Founded in 1929, Crédit du Maroc ranks as the seventh-largest bank in Morocco in terms of total assets. Holding around 4.75% of the market share in loans and 4.30% in deposits as of December 31, 2022, the bank had previously entered into a loan agreement with IFC in February 2023. At that time, the institution granted a $50 million loan to strengthen Crédit du Maroc's trade financing activities for Moroccan SMEs and large enterprises.

Crédit du Maroc is part of the Moroccan Holmarcom group, headed by Mohamed Hassan Bensalah since December 2022. To date, the holding has completed the acquisition of 63.71% of shares in its subsidiary, becoming its majority shareholder.





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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