2024-06-24 03:07:39
The signing ceremony of those agreements occurred within the presence of the Minister of Financial system and Finance, Nadia Fettah, the Director Common of the IFC, Makhtar Diop, the Minister of Vitality Transition and Sustainable Growth, Leila Benali, CEO of the OCP group, Mostafa Terrab, and several other different Moroccan and overseas personalities.
Signed on the event of the Annual Conferences of the WB and the Worldwide Financial Fund (IMF), these agreements concentrate on help for meals safety, entry to financing, sustainable agriculture and building in Morocco and different nations. different areas of Africa. This financing will even contribute to supporting Morocco’s efforts to cope with the financial results of the earthquake of September 8.
The 4 funding initiatives replicate IFC’s dedication to sustaining African non-public sector exercise, which contributes to job creation and the supply of important items and providers.
It is a $106 million mortgage to OCP Group, the world’s largest producer of phosphate fertilizers, to finance its bold solar energy program and contribute to the greening of worldwide meals methods. .
The second financing consists of a $36 million risk-sharing mechanism arrange with the Banque Centrale Populaire (BCP) and the Moroccan Firm of Drip and Pumping (CMGP), a Moroccan firm that produces and distributes irrigation methods, meant to help sustainable agriculture in Morocco, significantly within the area affected by the earthquake.
The third funding is a $10 million fairness funding, in partnership with Mediterrania Capital, within the capital of the Moroccan monetary providers supplier CASHPLUS, with the intention of selling monetary inclusion and entry to monetary providers within the nation.
Additionally it is a inexperienced mortgage of 45 million {dollars} granted to the Moroccan cement producer Ciments de l’Afrique (CIMAF), geared toward supporting the manufacturing of low-carbon cement in Africa.
Moreover, the IFC is dedicated, below an settlement signed on the identical time, to offering advisory providers, in collaboration with the Regional Funding Heart (CRI) of the Marrakech-Safi area, so as to assess the affect of the earthquake on the native economic system and take acceptable measures to help affected companies.
This advisory help is a part of a broader response program from the WB Group geared toward mobilizing funding and experience to assist Morocco rebuild and restore communities affected by the earthquake, remembers we contact the IFC.
“These transformative investments underline our dedication to mobilizing non-public capital and inspiring sustainable improvement in Morocco, in keeping with the federal government’s technique to advertise the non-public sector as an engine of development,” mentioned Mr. Diop.
“As we commemorate our 60 years of partnership with Morocco, IFC can be totally dedicated to taking part in a central function within the Kingdom’s restoration and reconstruction efforts following final month’s earthquake,” he mentioned. he added.
Over the previous six a long time, IFC has partnered with Morocco to unlock the total potential of the non-public sector, serving to the nation place itself as a number one heart of commerce, funding and innovation in Africa.
Since 1962, IFC has collaborated with greater than 100 private and non-private sector companions in Morocco, mobilizing and investing greater than $3.5 billion in initiatives to help small companies, business, the agri-food sector, the event of infrastructure in addition to the monetary sector.
IFC is the main non-public sector-focused improvement establishment in rising nations.
2024-06-24 03:07:39