IFC to support Moroccan financial infrastructure reforms to support SMEs
The International Finance Corporation (IFC) announced on July 8 that it is helping Bank Al-Maghrib, the Central Bank of Morocco, to develop new legislation on sharing credit information.The International Finance Corporation (IFC) announced on July 8 that it is helping Bank Al-Maghrib, the Central Bank of Morocco, to develop new legislation on sharing credit information.
"IFC will help Bank Al-Maghrib strengthen and organize the burgeoning credit reporting sector by advising on new laws and regulations that meet international standards," said the institution in a statement.
The objective of this project is to help micro, small and medium-sized
enterprises (MSMEs) access finance and to make it easier for lenders to share the credit history of potential borrowers.
It is also expected to help lending institutions to better manage risks and to increase finance for MSMEs that often struggle to get the funding they need. IFC will also help the Central Bank create new guidelines to better supervise the sector.
This project was made possible with the support of the MSME Technical Assistance Facility in MENA, a joint initiative between IFC and the World Bank. The facility is supported by the Canadian Department of Foreign Affairs, Trade and Development, the Danish International Development Agency, Japan, Switzerland’s State Secretariat for Economic Affairs, and UKaid.