The MEFAR and IFC sign memorandum of understanding to strengthen partnership and boost economic recovery : 23/06/2021

The MEFAR and IFC sign memorandum of understanding to strengthen partnership and boost economic recovery

On Wednesday, June 23rd, 2021, a memorandum of understanding signed between the Ministry of Economy, Finance and Administration Reform and IFC, reaffirms IFC’s support for Morocco’s new development model and its ambitious reform agenda to boost the post-pandemic economic recovery.

Withing the past 18 months, IFC, a member of the World Bank Group, and the World Bank have worked closely with the Government of Morocco to provide coordinated support to Morocco's reform agenda.

The Memorandum of understanding details four areas in which IFC will provide support over the next five years. IFC will support the implementation of the Mohammed VI Investment Fund and help identify high impact projects and potential investors.

IFC will further support the implementation of public enterprise reform by helping to identify opportunities for private sector participation, including through public-private partnerships. Lastly, IFC will increase its support for the government program to strengthen advanced regionalization and essential infrastructure projects for citizens in the regions.

The Managing Director of IFC stated: "Morocco has established an ambitious recovery plan to deal with the impact of the pandemic. We are committed to supporting its reform agenda through this important agreement that will contribute to the development of a stronger and more competitive private sector and promote a green, sustainable and equitable recovery".

Morocco is a priority country for IFC in Africa. IFC invested US $ 251 million in the 2020 fiscal year and plans to invest US $ 300 million in the 2021 fiscal year.

Concerning IFC :

The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private sector-focused development institution in emerging countries. It operates in over 100 countries, dedicating its capital, skills and influence to creating markets and opportunities in developing countries. During the 2020 fiscal year, it has invested $ 22 billion in private companies and financial institutions in developing countries, thereby mobilizing the capacities of the private sector to end extreme poverty and promote shared prosperity. For more information, visit www.ifc.org.