Speaking on the occasion of the 60th anniversary of IFC in Morocco, Pimenta highlighted the contribution of the company to the implementation of more than 25 projects started for the first time in Morocco and whose experience has been replicated in other developing countries around the world.
These include the first public-private partnership project in the irrigation sector or the first leasing company in the Maghreb which have been very successful, said the head of IFC, noting that this collaboration is interesting not only for Morocco but also for IFC that “is pleased with this success.
The 60 years of innovations implemented by IFC in favor of private sector development in Morocco are based on the close relationships forged with public and private sector partners, he said.
“We are proud to be a trusted partner of Morocco and to contribute to strengthening the private sector as a true engine of the country’s economic and social development,” Pimenta said.
He also reiterated the commitment of his institution to continue working with its partners in Morocco to create more opportunities, noting that this visit is an opportunity to strengthen the partnership between the two parties to support Moroccan companies to create jobs, especially for women and youth.
Pimenta, who is visiting the Kingdom accompanied by Cheick-Oumar Sylla, IFC Director for North Africa and the Horn of Africa, met with senior government officials, representatives of the General Confederation of Moroccan Businesses (CGEM) and clients from the financial and retail sectors.
During these meetings, Pimenta discussed IFC’s support for the New Development Model, which aims to increase the participation of private sector investment in the economy and promote green and inclusive growth.
IFC’s first project in Morocco, in 1963 with the World Bank, financed the expansion of the National Bank for Economic Development (BNDE), which has played a major role in the development of the Moroccan private sector.
In 2005, IFC implemented the world’s first public-private partnership in the water sector with an irrigation project in Guerdane. Developed in partnership with the Ministry of Agriculture, the program improved access to water for citrus growers.
Over the past three years, IFC has invested and mobilized more than $733 million for Moroccan companies in the manufacturing, financial, and infrastructure sectors to support job creation and economic activity.
IFC’s strategy in Morocco focuses on four key areas to promote inclusive and sustainable economic growth. These are support for private sector reforms, sustainable and inclusive growth, regional development, and support for the expansion of Moroccan businesses in Africa.
