With an equity investment of $37 million in the capital of the Moroccan logistics service provider, IFC is helping to finance the company’s expansion plans, which include the creation of around 500 new jobs by 2030 thanks to to the construction, extension and acquisition of warehouses across Morocco, indicates a press release from the Company reporting to the World Bank.
The project responds to the need for modernization and professionalization of transport and logistics services in the Kingdom, thus contributing to improving access to markets and services, while reducing costs for businesses and individuals, adds the same source .
Following this investment, the agreement for which was signed on the sidelines of the Annual Meetings of the IMF and the World Bank, IFC holds a minority stake in BLS alongside STOA, an impact fund created at the end of 2017 which also acquired a minority stake of 20% in 2023.
In a statement to MAP, Moncef Belkhayat, CEO of H&S Invest Holding, majority shareholder of BLS, stressed that IFC’s investment “testifies to the confidence of international financial institutions in the Moroccan private sector”.
“Today, Morocco is considered the first African place for return on investment of investment funds,” rejoiced Mr. Belkhayat, noting that this confidence is the corollary of the macro-economic policy of the Kingdom, the stability of economic indicators, and the stability of the dirham”.
This investment, released in Moroccan dirhams – which once again reflects confidence in the national currency – will be used to develop ten logistics platforms in Morocco, including one in Laâyoune, and to generate significant jobs, underlined the CEO of H&S Invest Holding.
Mr. Belkhayat also underlined that this investment strengthens the support by the private sector of the State’s efforts in preparing the infrastructure necessary in particular for the organization of the 2030 World Cup.
Quoted in the IFC press release, the general director of STOA, Marie-Laure Mazaud, said she was happy to support “an ambitious development plan” of the group in Morocco.
For his part, Sérgio Pimenta, IFC vice-president for Africa, indicated that this participation is likely to “strengthen the competitiveness” of the Moroccan logistics sector.
The project aligns with the World Bank Group’s partnership framework with Morocco for fiscal years 2019-25 and is part of IFC’s mandate to mobilize long-term private capital to finance critical infrastructure transportation and logistics in emerging markets.
Over the past three fiscal years, the International Finance Corporation has invested and mobilized $1.3 billion in Morocco – and for this current fiscal year alone, it has so far committed nearly $600 million, the statement said.