Saham Bank has entered into a strategic partnership with the International Finance Corporation (IFC) to de-risk a $500 million loan portfolio aimed at Moroccan businesses. The agreement will see the IFC, a member of the World Bank Group, cover 50% of the credit risk, effectively injecting significant liquidity and confidence into the local market.
The collaboration, announced following the Africa Financial Summit (AFIS), is designed to enhance Saham Bank’s ability to finance private sector growth and strengthen the resilience of Morocco’s banking system. This will provide local companies with more fluid access to crucial capital.
A Strategic Push for Private Sector Growth
Under the new risk-sharing facility, Saham Bank will be better positioned to amplify its support for Moroccan economic actors. The partnership particularly targets key sectors vital to the nation’s competitiveness, including industry, services, innovation, and infrastructure.
Ahmed El Yacoubi, Chairman of Saham Bank’s Executive Board, highlighted the mission-driven nature of the deal. “At Saham Bank, we believe every Moroccan company should have the means to go further. This partnership with IFC allows us to pursue our mission: financing, supporting, and accelerating our clients’ ambitions, while placing sustainability at the heart of our actions,” he stated.
Echoing this sentiment, Ethiopis Tafara, IFC’s Vice President for Africa, noted that the partnership “will allow businesses to develop, innovate, and promote inclusive development. It will contribute to strengthening industry and food security, while building confidence in the financial system.”
Aligning Ambition with Sustainability
This agreement marks a significant milestone in Saham Bank’s transformation, coming just months after its rebranding from Société Générale. It strongly aligns with the bank’s new identity and its commitment to a comprehensive sustainability strategy.
By leveraging the IFC’s global expertise, Saham Bank aims to bolster its environmental, social, and governance (ESG) practices. This will not only enhance its own operations but also support its clients in their transition towards more sustainable business models, enabling better integration into international value chains.
Part of a Wider Pan-African Financial Initiative
The deal was part of a broader set of IFC initiatives announced during the AFIS summit in Casablanca, which totaled $310 million in projects to support small business growth and job creation across Africa.
During the summit, which focused on unleashing Africa’s financial sovereignty, the IFC also announced a $50 million financing package for Suez Canal Bank to expand SME lending in Egypt, with a quarter of the loan earmarked for women-owned enterprises. An additional $10 million risk-sharing facility was established with Attijariwafa Bank Egypt to broaden access to finance for small businesses.
Cheick-Oumar Sylla, IFC Regional Director for North Africa, praised Morocco’s structural reform agenda, stating that it “reflects a clear commitment to unleashing the potential of the private sector and promoting inclusive and sustainable growth.”
About Saham Bank
Saham Bank, formerly Société Générale Maroc, is a major financial institution in Morocco. Following its rebranding, the bank is pursuing a new strategic vision focused on financing, supporting, and accelerating the ambitions of its clients across the country. With a strong commitment to sustainability, Saham Bank aims to play a pivotal role in the development of key sectors within the Moroccan economy, including industry, innovation, and infrastructure.
Source: Morocco World News
