In December 2022, Credit du Maroc was acquired by the Moroccan group Holmarcom. Thanks to the loan, it will support local SMEs.
Moroccan bank Credit du Maroc recently secured a US$50 million loan from the International Finance Corporation (IFC) to support small and medium-sized enterprises (SMEs) and help them meet their working capital needs. The agreement marks the first IFC financing secured by the Moroccan bank.
"Thanks to this financing, we will consolidate our bank's position in the trade finance market in Morocco and maintain the volumes of trade we finance on behalf of our SME and corporate clients," said Ali Benkirane, Chairman of Credit du Maroc's board.
The credit facility, announced Thursday, February 9, comes two months after diversified Moroccan group Holmarcom finalized its acquisition of a 78.7% majority stake in Credit du Maroc. Holmarcom, which is now the parent company of Credit du Maroc, has been an IFC partner since 2021. In June 2021, the institution acquired a minority stake in Holmarcom's insurance holding.
Thanks to this first agreement with the IFC, Credit du Maroc will get additional resources to meet Moroccan firms' liquidity needs and consolidate their commercial activities.
Chamberline Moko
Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...
• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...
• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...
In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...
Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...
• Mozambican government and Huawei considering the construction of a local mobile phone factory catered to rural needs • Special features for rural...
• Djibouti adopts new digital code to accelerate digital transformation, with focus on data protection, cybersecurity, and e-commerce. • The move aligns...
• Record drought tests Zambia's dependence on hydropower, impacting its vital mining industry • Adoption of dedicated solar projects, such as the recent...
• The African Development Bank (AfDB) has approved €25.5 million in funding to boost Mauritanian SMEs and stimulate inclusive growth.• Mauritania’s...
In northern Ethiopia, in the Tigray region, lies Axum (also spelled Aksum), an ancient city that once stood at the heart of one of Africa’s most powerful...
Lake Natron, located in northern Tanzania near the Kenyan border, is one of the most extraordinary and extreme lakes in Africa. Fed primarily by the Ewaso...