(Ecofin Agency) – The entry of the World Bank subsidiary dedicated to the private sector into the round table of the finance division of the Moroccan private group aims in particular to improve SMEs’ access to credit and to support the growth of life insurance and non-life on the continent.
The International Finance Corporation (IFC) announced, in a press release published on Thursday, December 12, that it will invest $135 million to acquire a minority stake in Holmarcom Finance Company (HFC), the finance arm of the private Moroccan group Holmarcom, to improve access to financing and insurance in Africa.
“This investment affirms IFC’s commitment to consolidate and grow Holmarcom’s financial services in Africa,” underlined the subsidiary of the World Bank dedicated to the private sector.
The transaction, the finalization of which remains subject to obtaining the necessary regulatory authorizations, aims in particular to improve access to credit for small and medium-sized enterprises (SMEs) and to support the growth of life and non-life insurance on the continent. .
“We are proud of this partnership with Holmarcom, which aligns with our strategy in Africa aimed at unlocking new opportunities for SMEs, women entrepreneurs and climate finance, thereby contributing to the inclusive economic development of the continent”declared Aliou Maiga, director of the IFC Financial Institutions Unit for Africa, quoted in the press release.
“With the support of the IFC, we are well positioned to offer impactful solutions in Morocco and beyond, meeting the evolving needs of our clients”welcomed for his part, the CEO of the Holmarcom group, Mohamed Hassan Bensalah.
Holmarcom Finance Company operates in the Moroccan insurance market, via its historic company, AtlantaSanad Assurance, and its Islamic insurance company, Takafulia Assurances, and in the banking market, via Crédit du Maroc. The group’s finance division also owns an insurance company in Ivory Coast (Atlanta Assurances) and interests in investment funds active in Africa.
Walid Kefi
Edited by MF Vahid Codjia
Also read:
10/21/2024 – Morocco: why Holmarcom wants to sell 11.3% of Crédit du Maroc at $101 million
08/07/2024 – Morocco: Holmarcom acquires 60% of shares in Scandimar
04/28/2022 – Holmarcom finally acquires the shares of French Crédit Agricole in its Moroccan subsidiary
02/18/2022 – The Holmarcom group launches into Islamic insurance in Morocco, through Takafulia Assurances
