In the wake of the withdrawal of Société Générale (SG) from its Moroccan activities, the World Bank, via its subsidiary dedicated to the private sector, the International Finance Company (SFI), undertakes to support the transition.
This operation concerns Société Générale Maroc (SGM), bought in April 2024 by the Moroccan businessman Moulay Hafid Elalamy. This is revealed by the Africa Intelligence portal in an article published Wednesday, April 30.
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The SFI has thus set up a risk sharing mechanism up to $ 250 million. According to the same source, this financial facility aims to support the SG in securing its portfolio of loans existing in Morocco, while allowing it to disengage gently. During a transitional period of three years, this system will allow the French bank to continue to guarantee part of the commitments made by its now ex-filial.
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Ultimately, the objective is to transfer this risk sharing mechanism directly to the SGM, now owned by the Elalamy group. The Focus will then be placed on the support of the financing of Moroccan industrial projects, thus contributing to the dynamics of reindustrialisation carried by the national private actors.
