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Tuesday, May 21, 2024

IFC Joins Forces with Mohammed VI Investment Fund to Finance Sustainable Infrastructure Projects in Morocco

The Mohammed VI Investment Fund and the International Finance Corporation (IFC) signed a partnership agreement on Tuesday in Rabat to identify and finance sustainable infrastructure projects in Morocco.

Under the agreement, the two parties will identify high-impact infrastructure projects in strategic sectors in Morocco, and work closely with stakeholders to structure them into viable projects that meet the best environmental, social and governance standards in order to mobilize private capital and stimulate inclusive, sustainable growth, the Fund and IFC said in a joint statement.

IFC will also support the establishment of an Infrastructure sub-fund of the Mohammed VI Investment Fund, open to Moroccan and international partners, by sharing best practices in the structuring, governance and financing of responsible infrastructure projects, said the same source.

“This partnership with IFC meets the goals of the Mohammed VI Investment Fund to attract leading national and international investors to its side, to contribute to future investment projects and leverage the equity invested,” said Mohamed Benchaaboun, Managing Director of the Mohammed VI Investment Fund.

“It also broadens the range of tools available for the design and structuring of viable infrastructure projects in the form of public-private partnerships, in order to facilitate and improve the conditions for their financing and execution,” he noted, adding that this partnership testifies to IFC’s strong interest in Morocco’s infrastructure sector and its confidence in the Fund’s approach, management structures and governance model.

For his part, IFC’s Regional Vice President for Africa, Sérgio Pimenta, emphasized that the Company “is working with the Government of Morocco to mobilize private investment in the infrastructure sector,” adding that “this new partnership signed between the Mohammed VI Investment Fund and IFC is a key step towards developing and financing high-impact infrastructure projects in the Kingdom”.

The Mohammed VI Investment Fund is one of the key pillars of the recovery plan announced by His Majesty King Mohammed VI in July 2020. It is endowed with an initial capital of 15 billion dirhams from the State budget, and aims to attract up to 30 billion dirhams in additional private capital, ultimately generating a total investment envelope of 120 to 150 billion dirhams.

 

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