IFC Partners with Key Microfinance Institution in Morocco, to Benefit More Than 45,000 Microenterpre
Friday, March 3, 2006
The International Finance Corporation, the private sector arm of the World Bank Group, and the Foundation for Local Development and Partnership (Fondep), a microfinance institution in Morocco, have signed a partnership agreement whereby IFC will provide a partial credit guarantee and technical assistance support. IFC?s package will help Fondep access long-term sustainable financing and maximize its microfinance operations through its 43 agencies across Morocco. These agencies offer services to about 45,000 active beneficiaries.
IFC?s partial credit guarantee will allow Fondep, the fourth microfinance institution to be established in Morocco, to obtain financing from local banks of up to 60 million Moroccan dirhams, and to do so at lower rates. This will be IFC?s first structured finance transaction in Morocco.
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