IFC supports Morocco’s women business leaders & capital market transparency

The International Finance Corporation has pledged to help Moroccan women reach more leadership positions in the business world under an agreement inked Friday in Casablanca with Club des Femmes Administrateurs (CFA).

IFC will train members of CFA on a range of topics relating to corporate governance, as well as conduct outreach activities to strengthen the participation of women on corporate boards and in executive positions.

“More than ever, the woman administrator is called upon to contribute to building competitive and efficient companies able to meet the current challenges. Supporting female managerial skills to optimize the added value women are likely to bring to the economy as a whole is a necessity,” said Amina Figuigui, President of CFA Maroc.

For his part, Sérgio Pimenta, IFC Vice-Pdt MENA said IFC is working with companies and international development partners to provide solutions to prevent the gender gap from widening.

He said Morocco is embarking on an inclusive and green recovery plan, and in which women will have a key role to play.

On Thursday, IFC also signed an agreement with the Moroccan Capital Market Authority (AMMC) to help companies enhance their reporting on environmental, social, and governance (ESG) practices, paving the way for more green investments, a key component in Morocco’s COVID-19 recovery strategy.

AMMC is tasked with protecting investors and ensuring the proper functioning and transparency of capital markets in Morocco. IFC will support AMMC’s efforts to improve capital market ESG standards by building its capacity and aligning its ESG disclosure regulatory framework with international best practices.

“Aligning the Moroccan financial sector to sustainable development was identified as a priority at COP22. This is more important than ever in the current context of economic recovery and requires the adoption of best practices on transparency of environmental, social and governance factors,” said Nezha Hayat, President of AMMC.

“Our partnership with IFC will allow us to better support companies making public offerings in their transition to more sustainable practices, helping them improve their competitiveness and more broadly the attractiveness of our market.”

Mr.Sérgio Pimenta, IFC Vice-President for Africa and the Middle East, said partnership with AMMC will enable Moroccan businesses to enhance their environmental, social and governance practices and attract more green investment, in line with Morocco’s green recovery plan seeking to create more jobs and opportunities.

IFC, a member of the World Bank Group, has been present in Morocco since 1963, funding projects for private sector development. In 2020, IFC injected over $250 million in investments in the country.