[Morocco] IFC and Marrakesh Safi in deal to drive growth, create jobs
IFC, a member of the World Bank Group, and the governorate of Marrakesh-Safi have signed an agreement designed to improve the business climate and bolster the competitiveness of local enterprises, part of an effort to create jobs and drive economic growth in the region.
IFC will advise the governorate’s Regional Investment Center (CRI) on ways to spur investment, improve the competitiveness of local firms, and buttress governance standards. IFC will also support the CRI in examining the barriers to the development of the region’s private sector and advise officials on how to create economic opportunities, especially for women and young people. The work is considered key to creating jobs in a region that is removed from Morocco’s economic heartland.
“The Marrakesh-Safi region has tremendous economic potential,” said Karim Kassi Lahlou, the Governor of the Marrakech-Safi. “With IFC support, we will continue to foster an environment that supports private businesses, innovation, and job creation.”
Marrakesh-Safi is the fifth largest region in Morocco in terms of economic activity and contributes about 9 percent of the country’s gross domestic product.
“In Morocco, the private sector can be a powerful force for economic development, especially in outlying areas,” said Sérgio Pimenta, IFC Vice-President for the Middle East and Africa. “Through this project, IFC will help businesses in the region reach their potential, creating jobs and economic opportunities for the people of Marrakesh-Safi.”
The project was made possible thanks to the support of the Swiss Secretariat for Economic Affairs. To maximize its impact, it will be delivered in close collaboration with the World Bank.