Signed by the Wali of the Marrakech-Safi region, Governor of the Prefecture of Marrakech, Karim Kassi-Lahlou, and IFC Vice President for Africa and the Middle East, Sérgio Pimenta, this partnership provides for the implementation of a technical assistance program to the benefit of the Regional Investment Center (CRI) of Marrakech-Safi, whose role is to provide end-to-end support to private sector companies and promote investment in the region.

"This partnership with the IFC will help promote the Marrakech-Safi region as a preferred destination for local and foreign investment and improve the competitiveness of its companies," Kassi-Lahlou said.

The official noted that this cooperation agreement will ensure support for companies recovering from the crisis related to the Covid-19 pandemic.

On his part, Pimenta said that "partnership with the Wilaya of Marrakech-Safi and with its Center for Regional Investment will help nurture the region's business environment in the post-COVID landscape to spur an inclusive, sustainable, and resilient recovery."

 "The private sector has a critical role to play in reigniting economic growth," he told MAP, highlighting IFC's readiness to work with the municipality of Marrakech on reducing payment delays for the benefit of companies whose cash flow has been severely affected by the pandemic.

For his part, Yassine Mseffer, Director General of the Regional Investment Center of Marrakech-Safi explained that the agreement signed with IFC, a member of the World Bank Group, aims to strengthen the capacity of the administration to better support the private sector.

"We will work mainly on improving the competitiveness of the region to improve administrative procedures for a more favorable working environment," he said.

Morocco's decentralization agenda has put regions in the driver's seat as they use devolved powers to access financing and implement development projects and improve service delivery to individuals and businesses.

IFC supports this process in three ways: financing and providing technical advisory services for priority infrastructure projects, structuring and implementing public private partnerships, and improving the business climate. 

Last year, IFC provided financing packages to the regions of Casablanca-Settat and Fes-Meknès for infrastructure development and to help respond to the pandemic.

The project, the first of its kind in the Middle East and North Africa region, is being delivered in partnership with the government of Switzerland.

IFC has been present in Morocco since 1963, leading innovative projects for private sector development. In fiscal year 2020, IFC committed over $250 million in investments in the country.