Original disclosure @ IFC website
Updated in EWS Jun 7, 2022
Disclosed by Bank May 9, 2022
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According to the bank provided information, the project entails an IFC investment in Fondation Arrawaj de la Finance Inclusive (Arrawaj or the Borrower), the third leading microcredit association in Morocco to support its lending program to income generating activities including microenterprises that have been negatively affected by the COVID-19 crisis. The investment will be provided in Moroccan Dirhams (MAD) for the maturity of up to five years and will be part of IFC’s Base of the Pyramid (BOP) program.
The proposed project consists of a senior loan for the total amount of up to US$15 million in MAD equivalent with up to five-year maturity, including one-year grace period. The project will be financed from IFC’s own account.
Established as an association by regulation, Arrawaj was created in 1996, licensed in 2000, and extends microloans and distributes financial services (of which mobile wallets and micro insurance) to ~140k microenterprises in rural and urban areas of Morocco.
Fondation Arrawaj de la Finance Inclusive
Mme Nada Fassi Fehri
Directrice Centrale Finance, Contrôle de Gestion & Pilotage de l’évolution institutionnelle
Immeuble Saraya, Angle Av. Riad et Bd Al Arz, Hay Riad, Rabat
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