CdM Agri RSF (IFC-50058)

Countries
  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 29, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Credit du Maroc
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 13.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 27.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 28, 2026

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

 

According to bank provided information, the proposed investment consists of an unfunded Risk Sharing Facility (RSF) package to Credit du Maroc (CDM or the Bank), Morocco's seventh-largest privately-owned bank. IFC will guarantee up to 50 percent of CDM’s credit risk on a target portfolio of loans to Small and Medium-Sized Enterprises (SMEs) operating in the agricultural sector and rural areas in Morocco (Eligible SMEs) (the Project). The Project aims to support the Bank in expanding its SME lending operations in the agricultural sector and rural areas in Morocco, in partnership with agri-technology companies to enhance financial inclusion of Eligible SMEs and improve their productivity. The Project is supported by the Global Small and Medium Enterprises Financing (GSMEF).

The Project is a follow-up to an IFC upstream program, whereby the Bank would partner with IFC and an agri-technology company to support the financial inclusion of Eligible SMEs. IFC will provide Advisory Services to CDM for capacity building and to help scale up SME agri-financing and productivity in the agri sector in Morocco.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The investment entails an unfunded RSF package under which IFC will guarantee up to MAD125 million (~US$13.5 million) on a loan portfolio to Eligible SMEs totaling up to MAD250 million (~US$27 million).   

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

CDM is a universal bank headquartered in Casablanca, Morocco. It began operations in 1929 as Credit Lyonnais and became Credit du Maroc in 1966. CDM has been publicly listed on the Casablanca Stock Exchange since 1976.

The Bank offers a wide range of financing and savings services to individuals, professionals, and corporate clients across Morocco. It operates three main subsidiaries: Credit du Maroc Assurance (an insurance broker), Credit du Maroc Leasing and Factoring, and Credit du Maroc International Banque Offshore. As of December 2024, the Bank ranked as the seventh-largest privately-owned bank in Morocco by total assets.

The Bank's largest shareholder is the Holmarcom Group, which holds a 67.4% equity stake through its affiliates Holmarcom Finance Company S.A. (HFC) (54.6%) and AtlantaSanad (12.8%). HFC is a holding company dedicated to managing Holmarcom Group's investments in the financial services sector, while AtlantaSanad is a Moroccan insurance company listed on the Casablanca Stock Exchange.                                                  


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Credit du Maroc S.A
Hanane Laala
CFO
+212 (0) 522477891
Hanane.Laala@cdm.ma
201, Boulevad d'Anfa, Casablanca
https://www.creditdumaroc.ma/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works