The Worldwide Finance Company (IFC), a World Financial institution member, and Morocco’s Mohammed VI Fund for Funding have entered into a partnership settlement to establish and finance sustainable infrastructure tasks within the North African nation.
The two entities will work collectively to establish high-impact infrastructure tasks in key sectors contributing to the nation’s economic system, IFC mentioned in a French language assertion.
As a part of the collaboration, IFC will help in establishing a sub-fund of the Mohammed VI Fund for Funding devoted to infrastructure and open to Moroccan and worldwide companions.
The Mohammed VI Fund for Funding was launched in July 2020 with an preliminary capital of 15 billion Moroccan dirhams ($1.5 billion). The fund goals to draw as much as MAD30 billion of extra non-public capital via funding to generate a complete funding finances of over MAD150 billion.
Over the previous three years, IFC has invested greater than $200 million in numerous sustainable infrastructure tasks all through Morocco.
(Writing by P Deol; Modifying by Anoop Menon)