IFC invests more than $ 157 million to boost SME financing in Morocco and the rest of Africa
The International Finance Corporation (IFC) and its partners will inject $204 million (€157.7 million) in a Moroccan bank to improve access to credit for small and medium-sized businesses across the country and the rest of the continent.The institution signed an agreement with Banque Centrale Populaire (BCP) on September 27 in Casablanca, acquiring a five per cent stake in the bank, Jeune Afrique reports.
IFC Capitalization Fund and Africa Capitalization Fund, two of IFC's investment funds, are also involved in this partnership.
SMEs account for 98 per cent of the Moroccan economic fabric and are one of the pillars of economic development.
They often have problems accessing credit because they are often unable to provide the guarantees required by banks.
BCP, the second largest bank in Morocco and a leader in SME financing, should gain with this agreement a better access to the credit facilities that the IFC provides to SMEs. BCP also wants to focus on financing small businesses in other regions of Africa.
"We want to help the BCP with its SME support policy, both in Morocco and sub-Saharan Africa. It is our goal," IFC's EMEA director Mouayed Makhlouf told Jeune Afrique.