Rabat, Morocco, July 8, 2014—IFC,
a member of the World Bank Group, is helping Bank Al-Maghrib, the Central
Bank of Morocco, to develop new legislation on sharing credit information,
which will help micro, small and medium enterprises (MSMEs) access finance
and contribute to economic growth.
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. This will make
it easier for lenders to share the credit history of potential borrowers,
and allow lending institutions to better manage risks—increasing 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.
“Our partnership with IFC will help
begin the necessary reforms to let businesses access the much needed financing
opportunities that will contribute to their growth,” said Khalid Zbir,
Head of Branch Network and Public Credit Registry Department of Bank Al-Maghrib.
IFC’s involvement will raise awareness
of credit reporting across various markets among small businesses, and
in the public sector, which in turn will encourage lending and borrowing
to boost the economy.
“Creating a better environment for
doing business is key to our work in Morocco,” said Joumana Cobein, IFC
Country Manager in Morocco. “Clear and transparent regulations allow small
businesses to realize their potential through increased access to finance.”
IFC’s strategy in Morocco focuses on
increasing private sector led economic growth, creating jobs, expanding
access to finance for small businesses, supporting renewable energy, and
improving physical and social infrastructure—especially the economic inclusion
of young people and women.
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.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in more than 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and promote shared prosperity. In FY13, our investments climbed
to an all-time high of nearly $25 billion, leveraging the power of the
private sector to create jobs and tackle the world’s most pressing development
challenges. For more information, visit www.ifc.org