This project funds Al Amana, a Moroccan micro-finance institution. Al Amana will use the funds to provide loans towards low and middle income entrepreneurs in Morocco.
Job Creation and Poverty reduction: The proposed investment is expected to have a high impact in facilitating micro and small enterprises access to finance - an area of key strategic priority for IFC. As IFC assists Al Amana to increase and diversify its sources of funding, in a difficult economic and sector context, the project addresses the need to serve those segments of the population that lack the most access to credit; hence seeking to (i) reduce income disparities in the country, and (ii) contribute to job creation.
Demonstration Effect and Sector Development: The proposed IFC loan, in a liquidity shortage context, will send a strong signal to international investors and local commercial banks, which will help mobilize additional sources of funding to Al Amana and the sector.
Al Amana is the largest microfinance institution (MFI) in Morocco with over 38% market share, and one of the largest MFI in the MENA Region. It was established in 1997 with equity granted by US Agency for International Development to focus on provision of micro credit to the rural areas of Morocco. Volunteers in Technical Assistance, a US based development NGO, provided initial project design and management expertise. Following the passage of Morocco's Microfinance Law in 1999, Al Amana was registered with the ministry of finance as a non-profit association for the promotion of micro enterprises with tax free status. Al Amana's target group includes low or middle income entrepreneurs and micro enterprises which do not have access to financing from Morocco's financial sector.
Mr. Youssef Bencheqroun
Chief Executive Officer
Cité Yacoub ElMansour,
40 Avenue Al Fadila,
Rabat 10130, Morocco
Telephone: +212 537 289 500
Fax: +212 537 289 411/12/13
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