The International Finance Corporation has granted an $8 million loan to the Al-Amanah Microfinance Foundation, which will enable it to strengthen its impact, broaden its reach and reach more small and very small entrepreneurs not structured, with at least half of the loan amount targeting support to women and women-led businesses.
“International Finance and Al Amana Microfinance, a pioneer in Morocco’s microfinance sector, continue their long-standing partnership with a new program aimed at improving access to finance for micro-enterprises in the country, especially those run by women, to supporting economic activity and employment. creation and post-recovery,” reads a press release. Covid 19″.
The same source pointed out that the financing of the International Finance Corporation for the institution “Amana Microfinance” is part of its “base of the pyramid” program, which was launched in 2021 to encourage financial service providers to facilitate the access of small institutions facing a crisis to funding, noting that this program is an extension of the company’s initiative (Fast Track Covid-19 Facility).
The statement quotes the general manager of Microfinance Amana, Youssef Benchakroun, saying on the occasion of the signing of this agreement, that “the international financial company is for us a reliable partner in difficult times”, noting that many microenterprises in Morocco are facing enormous difficulties during the pandemic and have had to reduce or temporarily suspend operations.
Benchakroun added, “This new funding will allow us to meet the needs of our customers so that they can resume their activities and return to the pre-pandemic level”.
For his part, Cheikh Omar Sylla, Regional Director of IFC North Africa, indicated that this support to Al Amana Microfinance will improve access to finance for many small businesses, including those led by women, and the continuation of their activities.
He said: “With this funding, the International Finance Corporation reaffirms its confidence in microfinance institutions to continue supporting small projects that suffer from a lack of services and face difficult economic conditions in addition to the epidemic “.
It should be noted that the Al Amana Microfinance Foundation and IFC have been partners since 2006 through a technical assistance program that assessed its institutional capacity to transform in the event of regulatory reform in Morocco.
The International Finance Corporation provided financial support to Al Amana Corporation in 2007 and 2018, in addition to technical support to help the Corporation improve risk management, support digital transformation and elevate its administrative, environmental and social practices to the level of the best international standards. .