IMG Fund I (IFC-52639)

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
Jul 20, 2026
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
IMG Fund I (
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)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 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.
Project Cost (USD)
$ 162.00 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 6, 2026

Disclosed by Bank Jun 19, 2026

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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 project is for IFC to commit up to US$15 million into IMG Fund I (IMG I or the Fund), a growth equity fund targeting MAD1.5 billion (~US$162 million) in commitments to invest primarily in Morocco. The Fund aims to build a portfolio of 7-10 fast-growing lower mid-cap companies, with ticket sizes ranging MAD 60-200 million (US$6-20 million), primarily targeting minority stakes and selectively majority. IMG I will be a generalist fund with a core focus on healthcare, FMCG, digital infrastructure, financial services and education. The Fund will mainly target family-owned businesses looking to institutionalize before or after a succession and opportunistically buy & build. The Fund reached a first close of MAD1.1 billion (~US$120 million) in January 2026, with the participation of Moroccan institutional investors including Fonds Mohammed VI pour l’Investissement (FM6I).    

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

The Fund has a target size of MAD 1.5 billion (~US$ 162 million), of which IFC’s proposed investment is up to US$15 million, not to exceed 20% of total committed capital.    

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.

IMG Capital (IMG or the Fund Manager) was founded in April 2023 by Brahim Guessous as an independent Private Equity (PE) firm headquartered in Morocco and focusing mainly on the local lower mid-cap space where competition remains limited. IMG Capital was among the managers selected in the FM6I initiative and benefitted from solid fundraising traction to reach a viable first close cemented by local institutional investors such as leading pension funds, sovereign wealth funds, public and private investors including insurance companies.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - IMG Capital Client -

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.

 

For Inquiries About the Project, Contact

IMG Capital
Brahim Guessous
Managing Partner
+212665863965
Brahim.guessous@img.fund
contact@img.fund
N/A

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

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How it works