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.
It’s a common scene in any Lomé (Togo) market, but it’s telling. A customer hands a 10,000 CFA franc...
Egypt’s handset market is projected to leap from $2.5 billion in 2025 to $4.8 billion by...
Burkina Faso ends Target Malaria, a GMO mosquito project funded by the Gates Foundation. The ...
Egypt and UNECA launched a five-day workshop in Cairo to strengthen maritime tax audits and IFRS-b...
Sadot and Vodacom’s MOTI launch Africa’s first telco-powered farm-to-fork app to cut crop losses a...
Southern Africa's critical minerals are vital but underused due to systemic issues, per the WEF, DBSA, and McKinsey report. Policy uncertainty, poor...
Africa’s airlines are renewing fleets with modern jets, driving demand for advanced maintenance and repair services. The continent’s MRO market is...
Namibia has launched a national campaign to renovate dilapidated schools across all 14 regions and 121 constituencies. The initiative aims to upgrade...
Burkina Faso and Oman have signed a landmark investment agreement focusing on strategic sectors: mining, agriculture, and energy. The partnership,...
• Grand Egyptian Museum to open November 1 near Giza Pyramids• TikTok named official digital partner for live-streamed ceremony• GEM to display 100,000+...
• Brazzaville hosts first Mwassi festival for African women filmmakers• Festival offers screenings, panels, and professional training workshops• Women...