The contribution of international financial institutions is crucial for financing the growth of Moroccan companies. Whether through direct investments, partnerships with government or financing infrastructure projects, the support provided by these institutions helps improve business competitiveness, promote innovation and ensure sustainable economic growth.
It is undeniable that economic development relies, in particular, on the ability of businesses to access adequate financing. In this sense, for the Moroccan case, the international financial institutions (IFIs) play a crucial role. Indeed, these IFIs such as the World Bank, the International Finance Corporation (IFC) and the African Development Bank (AfDB) provide direct support to Moroccan businesses.
In 2023, IFC invested $75 million to support the technology and manufacturing sectors, helping companies modernize their infrastructure and adopt new technologies. In addition, the World Bank approved a $450 million loan to improve access to financing for Moroccan SMEs. This loan is particularly aimed at businesses run by women and those engaged in technological innovations. Through this initiative, the aim is to fill funding gaps and support segments lacking inclusion in the market.
Furthermore, the actions of these IFIs can also be part of close partnerships with the government to structure financing programs targeting various economic sectors. For example, the “Tamwilcom” program, financed by the AfDB, facilitates SMEs’ access to credit by offering loan guarantees. In 2023, this program mobilized nearly 2 billion dirhams in credits for SMEs, thus contributing to job creation and local economic dynamism, according to data from the Ministry of Economy and Finance.
Another illustration of this synergy between international financial institutions and the government: in 2024, a partnership with the World Bank made it possible to launch a $500 million project to strengthen Morocco’s digital infrastructure and support the digital transformation of businesses. This project, as described by the WB, aims to improve Internet connectivity, promote the use of digital technologies, and develop digital skills within Moroccan companies. These initiatives are essential to position the Kingdom as a regional leader in the field of technological innovation.
Infrastructure and development
Support from the IFIs is also deployed taking into account strategic sectoral priorities. In this context, these institutions finance essential infrastructure projects for improving the business climate in Morocco. The WB supported the development of port and road infrastructure, thus facilitating trade and exports. For example, the Tanger Med port development project, partly financed by the WB, has transformed this port into a major logistics hub, reducing operational costs for Moroccan companies and opening new opportunities on international markets.
On the other hand, the AfDB financed the project to build the high-speed railway line linking Tangier to Casablanca, thus improving connectivity and the transport of goods. This project, worth $2.4 billion, has significantly reduced transport time and improved logistics efficiency, thus boosting the regional economy. For its part, the European Bank for Reconstruction and Development (EBRD) is particularly active in promoting innovation and sustainability.
In 2023, the EBRD invested $100 million to develop solar installations in Morocco, reducing the country’s energy dependence and encouraging more sustainable business practices. It also provided a total of €88 million to partner banks to help SMEs invest in climate change mitigation and adaptation technologies. A notable example is the 10 million euro loan granted to the pan-African mattress manufacturer Dolidol to finance a polyester fiber bottle recycling project.
This project focuses on transforming plastic waste into bedding products. That’s not all, as the EBRD also financed a €6 million project to support Lamatem, a Moroccan producer of high-end medical clothing. This project, supported by a European Union risk-sharing guarantee, aims to meet short-term liquidity needs in the context of the post-pandemic recovery.
Regulatory initiatives
Morocco has undertaken key reforms to encourage the use of green bonds, with support from the EBRD and the World Bank. The country has put in place regulations allowing the issuance of green bonds to finance sustainable energy and energy efficiency projects.
These initiatives have attracted the attention of international investors and strengthened the Kingdom’s position as a leader in green financing in Africa. For example, the Moroccan Capital Market Authority (AMMC) has published guidelines for green bonds, developed in partnership with the International Finance Corporation. These guidelines explain how potential issuers should identify and select applicable projects, have the projects independently reviewed, and obtain the necessary authorizations.
In November 2018, the public real estate developer Al Omrane Holding issued green bonds to finance energy efficiency and housing projects integrating technical solutions adapted to the different climatic zones of Morocco. These regulatory initiatives have made it possible to raise more than 4 billion dirhams in green bonds, partly financed by international financial institutions.
Sanae Raqui / ECO Inspirations
