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Publish Date : 16-Apr-2018

IFC, a member of the World Bank Group, and the Casablanca Stock Exchange are partnering to help companies in Morocco attract investment, part of an effort by IFC to support job creation and economic growth in the kingdom.

IFC will advise officials at the exchange, the second-largest in Africa by capitalization, as it offers small and medium enterprises advice on corporate governance and financial reporting. The program is designed to help smaller companies, a key part of Moroccos economy and major source of jobs, eventually list on the exchange. That would give them crucial access to capital from both foreign and local investors, allowing them to expand and create jobs.

Small and medium enterprises (SMEs) form the backbone of Moroccos economy, said Karim Hajji, the General Manager of the Casablanca Stock Exchange. We are happy with the support of IFC to this program, that will offer to Moroccan companies the support they need to find new and more sophisticated funding sources, and ultimately, one day, list on the exchange, which will be key to furthering their development.

Some of the training that IFC and the Casablanca Stock Exchange will be offering is based on a program, called ELITE, developed by the London Stock Exchange. It helps enterprises access new sources of finance and list on stock exchanges. Forty-eight companies have gone through the ELITE training program, which was launched in Morocco in 2016.

Smaller businesses in Morocco are too reliant on bank funding and lack capital market instruments to fund their growth, said Xavier Reille, IFC Country Manager for the Maghreb region. IFCs partnership with the Casablanca Stock Exchange and the ELITE program will help fast-growing Moroccan SMEs access capital markets to grow and innovate.

The project is part of a larger effort by IFC to support the development of Moroccos capital markets, create jobs, and drive economic growth. IFC has a committed portfolio of almost $300 million in Morocco and is also engaged in a wide-ranging advisory services program.

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