IFC to support Morocco’s major development, investment reforms

The International Finance Corporation (IFC) intends to support the Moroccan government in its multiple reforms to ensure post-Covid economic recovery and plans to invest $300 million for fiscal year 2021.

In this vein, the IFC and the Ministry of Economy and Finance signed Wednesday Wednesday a memorandum of understanding to strengthen their partnership and stimulate economic recovery. This document reaffirms the support of IFC, a member of the World Bank group, for Morocco’s new development model (NDM) and the reform program aimed at stimulating post-pandemic economic recovery, the IFC said in a statement.

Over the past 18 months, IFC and the World Bank have worked closely with the Moroccan government to provide coordinated support for the country’s reform agenda.

“Morocco is a priority country for the International Finance Corporation in Africa. IFC invested $251 million in fiscal 2020 and plans to invest $300 million in fiscal 2021,” said IFC Managing Director Makhtar Diop.

“Morocco has put in place an ambitious recovery plan to address the impact of the pandemic. We are committed to supporting its reform program through this important agreement that will contribute to the development of a stronger and more competitive private sector and promote a green, sustainable, and equitable recovery,” Makhtar Diop said.

The agreement sets four areas in which the IFC will provide support over the next five years. They include supporting the implementation of the Mohammed VI Investment Fund and helping to identify high-impact projects and potential investors.

The IFC will also back up the implementation of public enterprises reform by helping to identify opportunities for private sector participation, including through public-private partnerships, and will increase its support for the government’s program to strengthen extensive regionalization and leading infrastructure projects for citizens in the regions.