World Bank to Leverage Guarantees for Increased International Financing in Morocco

   “We believe that these guarantees can help Moroccan borrowers (corporate and public institutions and non-sovereign risk counterparties) diversify their financing sources with private capital,” Matano said in an interview with MAP.

   The initiative is expected to support Morocco’s transition to greener energy, bolster its status as a global trade and logistics hub, modernize transport infrastructure, and enhance human capital development, the WB official said during his visit to Morocco on September 9-13.

   MIGA has already issued nearly €810 million in guarantees to finance the construction and expansion of the Rabat campus for Mohammed VI Polytechnic University (UM6P), he recalled, adding that this operation sets the stage for future projects, including the expansion of the Tangier Med port complex and potential investments in the railway sector.

   “We are also exploring opportunities to assist Moroccan companies in exporting or investing internationally,” Matano underlined, recalling that MIGA launched last July a guarantee platform to facilitate both inbound and outbound investments, particularly in Africa.

   Matano noted the increasing role of African banks, including Moroccan institutions, as key financiers across the continent. “We want to support African banks and investors in the same way we’ve supported global financial players,” he stated.

   During his visit to Morocco where he met with government officials and public institutions, Matano discussed how the World Bank Group can align its efforts with Morocco’s development priorities, focusing on high-productivity sectors such as education, healthcare, renewable energy, water, and transport. These align with Morocco’s New Development Model for 2021-2035.

   “This visit provided an opportunity to explore collaborative avenues to support Morocco’s ambitions through World Bank Group guarantees,” he said, reaffirming the commitment to strengthening the longstanding partnership between Morocco and the World Bank.

   Created in 1988, MIGA aims to promote foreign direct investment in emerging economies by mitigating non-commercial risks and enhancing credit for private investors through guarantees. Since its inception, MIGA has issued over $87 billion in guarantees for more than 1,000 projects, including wind farms, railways, and educational institutions.

   The World Bank Group’s Guarantee Platform aims to streamline processes and enhance accessibility to guarantees, targeting an annual issuance of $20 billion by 2030 to expand its impact in client countries.

The World Bank plans to utilize guarantees to draw more international financing to Morocco, said Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA).
19 September 2024
Casablanca
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Gratuit: 
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