IFC supports Morocco’s food security, financial inclusion, sustainable agriculture, renewable energies

The International Financial Corporation, member of the World Bank, announced on Tuesday financial support for Moroccan projects destined to enhance food security, access to finance, sustainable agriculture, and construction.

The announcement was made during the WB-IMF annual meetings taking place in Marrakesh with the participation of 14,000 delegates including central bankers, ministers of finance and development, private sector executives, civil society, media and academics.

In Marrakesh, IFC pledged €100 million loan to Moroccan state-owned Phosphates Group (OCP), the world’s largest phosphate-based fertilizer producer, to fund its solar program and help green global food systems.

IFC also agreed to provide nearly €34 million risk-sharing facility to Moroccan Banque Centrale Populaire (BCP) and Moroccan company CMGP, which produces and distributes irrigation systems. The funding supports sustainable agriculture in Morocco, including in the region affected by the earthquake.

The International Financial Corporation also announced a €10 million equity investment, in partnership with Mediterrania Capital, in Moroccan financial services provider CASHPLUS to foster financial inclusion in the country.

IFC also agreed on a €45 million green loan to Moroccan cement producer Ciments de l’Afrique (CIMAF) to support low-carbon cement production in Africa.

The international financial institution pledged to provide advisory services, focused on evaluating the earthquake’s impact on the local economy and designing a response to support affected businesses through the Centre Régional d’Investissement (CRI), of the Marrakech-Safi region.

This advisory support is part of a wider response program by the World Bank Group to mobilize finance and expertise to help Morocco rebuild and restore impacted communities in the aftermath of the earthquake.

“These transformative investments underscore our commitment to mobilize private capital and foster sustainable development in Morocco, in line with the government’s strategy to promote the private sector as an engine of growth,” said Makhtar Diop, IFC Managing Director.

“As we mark 60 years of partnership with Morocco, IFC is also fully committed to playing a pivotal role in the recovery and reconstruction efforts as the Kingdom rebuilds from last month’s earthquake”, he added.

For the past six decades, IFC has partnered with Morocco to unleash the full potential of the private sector, making the country a leading center of trade, investment, and innovation in Africa.