IFC to Support Maroc Telecom Subsidiaries in Chad, Mali with €370 million in Loans
Rabat – The International Finance Corporation (IFC) announced on Thursday a partnership with Maroc Telecom to support its subsidiaries in Chad and Mali through a two-loan program of €370 million.
A statement from IFC said the partnership seeks to improve mobile connectivity and the quality of mobile internet, supporting the rollout of 4 services and expanding internet reach to more people and businesses across Chad and Mali.
Mohamed Benchaaboun, CEO of Maroc Telecom, commented on the long-term partnership with IFC, noting that it will provide further opportunities to enhance their portfolio of offers and services like Mobile Money.
'With over 57 million customers outside of Morocco, Maroc Telecom provides all telecom services, from fixed line to mobile, and broadband data access,' IFC quoted Benchaaboun as saying in the statement, noting that IAM's operations recognize the importance of mobile data in accessing the internet.
'4G services are helping to reduce the digital divide,' he said, adding that the partnership aims to contribute to boosting the two countries' development.
Makhtar Diop, IFC Managing Director, also commented on the partnership, noting that similar support for companies like Maroc Telecom is a strategic priority for IFC, especially in conflict-affected areas.
'By mobilizing private capital to expand digital infrastructure, we're unlocking opportunities for innovation, skills development, and job creation across Africa- fully aligned with the continent's priorities,' he said.
The partnership also aligns with the African Union's ambition to build a secure single digital market in Africa by 230.
Maroc Telecom is one of the leading telecommunication operators across Morocco. The operator reported a revenue of MAD 36.7 billion or $3.67 billion last year, marking a 1.2% increase. The group attributed the increase to a 4.6% revenue growth from its Moov Africa subsidiaries.
Operations on the continent recorded strong performance across key segments, with mobile data growing by 15.6%, fixed internet expanding by 21.1%, and Mobile Money services rising by 14.4%.
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