The International Finance Corporation (IFC), the private investment arm of the World Bank (WB), and Moroccan conglomerate Holmarcom announced on Thursday that they have signed an agreement to strengthen their partnership to advance access to finance and insurance across Africa.
Under the agreement, the two entities seek to drive sustainable business growth by expanding Holmarcom’s reach in the banking and insurance sectors.
IFC will invest MAD 1.35 billion (approximately USD 135 million) to acquire a minority equity stake in Holmarcom Finance Company (HFC), pending regulatory approvals.
The funding will help HFC address financing gaps in Morocco and other African markets. The initiative prioritizes providing credit to small businesses, particularly women-owned enterprises or those focused on climate-related projects. It will also promote growth in life and non-life insurance services, with a special focus on women.
“This partnership marks a strategic milestone for HFC, allowing us to deliver impactful solutions in Morocco and beyond,” Chairman and CEO of Holmarcom Group, Mohamed Hassan Bensalah, said. “IFC’s support reinforces our commitment to sustainable development and strengthens our governance and ESG policies to align with global standards.”
IFC’s expanded role with Holmarcom builds on its earlier equity investment in Holmarcom Insurance Activities (HIA). The move follows HFC’s acquisition of Crédit du Maroc, the seventh-largest privately-owned bank in Morocco by assets.
IFC’s Financial Institutions Group Director for Africa, Aliou Maiga, highlighted the importance of the partnership. “This investment reinforces our dedication to fostering financial inclusion and sustainability in Africa,” he said. “By empowering SMEs, women entrepreneurs, and climate finance, we aim to drive inclusive economic growth on the continent.”
In addition to funding, IFC will offer advisory services to help HFC enhance its environmental, social, and governance (ESG) framework.