“The International Finance Corporation (IFC) and al Amana Microfinance, a leader in Morocco’s microfinance sector, continue their longstanding partnership with a new program to improve access to finance for microenterprises in the country, especially those run by women, support economic activity, job creation, and post-Covid-19 recovery,” a statement said.
IFC’s financing for al Amana is part of its “Base of the Pyramid” program, launched in 2021 to encourage financial service providers to facilitate access to finance for micro-enterprises facing the crisis, underlines the same source, noting that this program is an extension of IFC’s Fast Track Covid-19 Facility initiative.
“IFC is for us a reliable partner in difficult times”, declared the Managing Director of al Amana Microfinance, Youssef Bencheqroun, on the occasion of the signing of this agreement, noting that many micro-enterprises in Morocco have been confronted faced immense difficulties during the pandemic and had to scale back or temporarily cease operations.
“This new funding will allow us to meet the needs of our customers so that they can restart their activities and return to their pre-pandemic level,” added Bencheqroun, quoted in the press release.
For his part, Cheick-Oumar Sylla, IFC Regional Director for North Africa, indicated that this support to al Amana Microfinance will improve access to finance for many micro-enterprises, including those run by women, and to continue their activities.
“With this funding, IFC reaffirms its confidence in microfinance organizations to continue supporting the most underserved microenterprises facing difficult economic times and the pandemic,” he said.
Al Amana Microfinance and IFC have been partners since 2006 through a technical assistance program that assessed its institutional readiness for transformation in the event of regulatory reform in Morocco.
IFC provided financial support to al Amana in 2007 and 2018, along with technical assistance to help the institution strengthen its risk management, support its digital transformation, and elevate its governance and environmental and social practices to the best international standards.