Morocco’s Al-Amana Secures $8 million Loan To Back Female Entrepreneurs
Rabat - The International Finance Corporation (IFC) and Morocco’s largest microlender, Al Amana Microfinance, have launched a new program to increase finance for small businesses, particularly women-led businesses, throughout the country.
The $8 million loans Al Amana secured on Wednesday, July 13, are set to support Moroccan micro-entrepreneurs and informal enterprises. At least half of the funding will be directed to women and women-owned businesses.
This partnership is expected to boost Morocco’s economic activity and recovery from the COVID-19 pandemic and create new job opportunities for local communities.
“Many small enterprises in Morocco have suffered during the pandemic and have had to scale down or temporarily shut operations,” said Yousef Bencheqroun, Director General of al Amana Microfinance. “This new funding will enable us to meet the needs of our clients so that they can resume activities to a pre-pandemic level.”
With the program targeting the “underserved” micro-entrepreneurs, the IFC support for Al Amana Microfinance “will ensure that many small businesses, especially those run by women, will have access to the funds they need to maintain and grow their operations,” said Cheick-Oumar Sylla, IFC Director for North Africa.
IFC and Al Amana Microfinance first partnered in 2006. Since then, IFC has provided financing and advisory services to consolidate the institution’s risk management, facilitate its digital transformation governance, and ensure its environmental practices meet international standards.
This time, IFC withdrew the $8 million loan from its Base of the Pyramid Program launched in 2021 to provide crisis relief support to financial service providers.
In addition to its long-standing partnership with Al Amana Microfinance, IFC has launched and financed numerous projects with various Moroccan stakeholders. The initiatives have covered numerous areas including gender equality, female entrepreneurship, waste management, green financing, and energy transition.
Source:Morocco World News.