(Ecofin Agency) - 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.