IFC, government of Morocco partner to drive economic recovery
The International Finance Corporation (IFC), signed a memorandum of understanding (MoU), with the Moroccan Ministry of Finance, Economy, and Administration Reform to reiterate IFC's support to the country's new development roadmap and its ambitious reform agenda to spur post-COVID-19 economic recovery.
Over the past 18 months, IFC, a member of the World Bank Group, and the World Bank have worked closely with the Moroccan government to coordinate support to Morocco's reform agenda.
The MoU outlines four focus areas for IFC's support over the next five years. IFC will support the implementation of the Mohamed VI Investment Fund, designed to help boost investment and revive the economy, and help identify a pipeline of high impact projects and potential investors.
Additionally, IFC will support the state-owned enterprise reform agenda by helping to identify public-private partnership projects. Finally, IFC will scale-up its support to the government's program to strengthen regions and improve infrastructure for Moroccans living in remote areas.
has put together an ambitious recovery plan to face down the COVID-19 pandemic's economic impacts. We are committed to supporting this plan through this agreement, which will foster the development of a more competitive and robust private sector and help pave the way for greener, more inclusive growth." said Makhtar Diop, IFC's Managing Director.
IFC invested $251 million in Morocco in financial year 2020 and expects to invest $300 million in the country in fiscal year 2021, ending June 30.