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