Partnership Agreement between Mohammed VI Fund for Investment and International Finance Corporation (IFC): Identifying and Financing Sustainable Infrastructure Projects in Morocco

2023-06-15 09:47:06

A partnership agreement to identify and finance sustainable infrastructure projects in Morocco has just been signed between the Mohammed VI Fund for Investment and the International Finance Corporation (IFC), on Tuesday in Rabat. Under this agreement, the two parties will identify high-impact infrastructure projects in strategic sectors and work closely with stakeholders to structure them into viable projects, respecting the best environmental, social and governance standards for mobilize private capital and drive inclusive and sustainable growth, says a joint statement from the Fund and IFC.

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

On this occasion, Mohamed Benchaâboun, Managing Director of the Mohammed VI Fund for Investment stressed that this partnership with IFC meets the objectives of the Fund to attract leading national and international investors to its side to contribute to investment projects. to come and increase the equity capital invested.

For his part, Sérgio Pimenta, regional vice-president of IFC for Africa, indicated that his institution supports the government of Morocco to mobilize private investment in the infrastructure sector. This partnership, he said, is a key step in developing and financing high-impact infrastructure projects in the Kingdom.

Recall that the Mohammed VI Fund for Investment is one of the essential pillars of the recovery plan announced by His Majesty King Mohammed VI in July 2020. It has an initial capital of 15 billion dirhams (MMDH), from the State budget and aims to attract up to 30 billion dirhams of additional private capital, ultimately generating a total investment envelope of 120 to 150 billion dirhams.

This partnership is a continuation of the memorandum of understanding signed between IFC and the Ministry of Economy and Finance, in June 2021, to support the establishment of the Fund and help identify high-impact projects as well as potential investors. As part of this protocol, the World Bank Group had mobilized experts to share the lessons learned in terms of strategic investment funds.

Working closely with the Government of Morocco, IFC is supporting essential infrastructure projects, with a focus on territorial development and green recovery. IFC has invested more than $200 million over the past three years in sustainable infrastructure projects in Morocco.

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