MICROCAPITAL BRIEF: International Finance Corporation (IFC) Loans $20m to Attawfiq Micro-Finance for Microlending in Morocco

The International Finance Corporation (IFC), a US-based development finance institution and a member of the US-based World Bank Group, recently loaned USD 20 million to Attawfiq Micro-Finance, a nonprofit microfinance institution (MFI) based in Casablanca, Morocco, for onlending to microenterprises in an effort to further Morocco’s economic development. IFC will assist Attawfiq  to develop products “tailored” for microbusinesses, with the aim of reaching  a greater number of microenterprises.

Attawfiq, which was founded by Groupe Banque Centrale Populaire (GBCP), reports to the US-based Microfinance Information Exchange (MIX) total assets of USD 224 million, a gross loan portfolio of USD 190 million and 221,000 active borrowers as of December 2012. The institution does not accept deposits. IFC has 182 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.

By Tejas Jain, Research Associate

About Attawfiq Micro-Finance

Attawfiq Micro-Finance is a nonprofit microfinance institution based in the city of Casablanca, Morocco, that  was  founded by Groupe Banque Centrale Populaire (GBCP), a Morocco-based commercial bank. Attawfiq Microfinance offers deposit, checking, payment and microlending services to economically vulnerable individuals in Morocco. The institute has a network of approximately 200 branches. Attawfiq Micro-Finance reports to the US-based Microfinance Information Exchange (MIX) total assets of USD 224 million, a gross loan portfolio of USD 190 million and 221,000 active borrowers as of December 2012. The institution does not accept deposits.

About International Finance Corporation

A member of the US-based World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. IFC has 182 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.

Sources and Additional Resources:

International Finance Corporation,”IFC Helps Support Micro-Enterprises in Morocco,”
http://ifcext.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/3E9943734ED811FF85257C4600402BEB?OpenDocument

MicroCapital Story, January 27, 2014, “International Finance Corporation (IFC) to Loan $150m to Yes Bank of India for On-lending to Women-Owned Micro-, Small, Medium-Sized Enterprises (MSMEs),”
https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-loan-150m-to-yes-bank-of-india-for-on-lending-to-women-owned-micro-small-medium-sized-enterprises-msmes/

MicroCapital Story, January 25, 2014, “European Bank for Reconstruction and Development (EBRD) Invests $60m in Banque Marocaine du Commerce Extérieur’s Eurobond Issue for Micro-, Small, Medium-Sized Enterprises in Morocco,”
https://www.microcapital.org/microcapital-brief-european-bank-for-reconstruction-and-development-ebrd-invests-60m-in-banque-marocaine-du-commerce-exterieurs-eurobond-issue-for-micro-small-medium-sized-enterprises/

MicroCapital Story, January 5, 2014, “International Finance Corporation (IFC) to Loan $1.5m to FINCA MDO for Microlending in Tajikistan,”
https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-to-loan-1-5m-to-finca-mdo-for-microlending-in-tajikistan/

MicroCapital Universe Profile: Attawfiq Micro-Finance https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Attawfiq+Microfinance

MicroCapital Universe Profile: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29

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