Latest news with #IFC
Zawya
3 hours ago
- Business
- Zawya
Maroc Telecom and IFC partner through €370mln in loans to boost digital connectivity in Africa
Rabat, Morocco – Maroc Telecom and IFC are building a long-term partnership to support the subsidiaries of Maroc Telecom in Chad and Mali. Through this partnership, IFC will provide two loans for a total amount of €370 million to enhance mobile connectivity and improve the quality of mobile internet. The financing will support the rollout of 4G services, bringing faster, more reliable internet to more people and businesses across both countries. 'Operating in the sub-Saharan Africa region for more than 20 years, Maroc Telecom Group's strategy is to enhance telecommunication and associated products to serve a fast-growing young population,' says Mohamed Benchaaboun, CEO of Maroc Telecom. 'With over 57 million customers outside of Morocco, Maroc Telecom provides all telecom services, from fixed line to mobile, and obviously broadband data access. In all our operations, mobile data is key to access internet, and 4G services are helping to reduce the digital divide: this long-term financial partnership with IFC in Chad and Mali will boost network coverage with a better quality of service, allowing massive adoption of 4G and supporting the countries' development. It will also provide further opportunities to enhance the portfolio of offers and services, such as Mobile Money which is critical for financial inclusion. Wherever Maroc Telecom operates, we are partnering with local stakeholders to ensure that economic performance goes hand in hand with a positive social impact and sustainable development.' 'Supporting cross-border investments through regional champions like Maroc Telecom is a strategic priority for IFC—especially in fragile and conflict-affected areas, where economic development fosters stability,' declares Makhtar Diop, IFC Managing Director. '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.' These investments align with the African Union's ambition to build a secure single digital market in Africa by 2030. -Ends- About Maroc Telecom Maroc Telecom is a leading telecommunications operator, with more than 79 million customers, including 57 million in its Moov Africa subsidiaries. Headquartered in Rabat, Maroc Telecom was founded in 1998 and is owned 53% by United Arab Emirates (UAE)-based e&, 22% by the Kingdom of Morocco, with the remaining 25% being listed in Casablanca and Paris stock exchanges. It also operates in ten African countries under the Moov Africa brand, making it a major player in the continent's telecom industry. With millions of subscribers and a strong presence across West Africa and Central Africa, the group plays a central role in regional digital connectivity. About IFC IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit Stay Connected with IFC on social media. For Maroc Telecom Francois Vitte For IFC Sara Aggour Saggour@ Sarah Moussa smoussa1@
Morocco World
9 hours ago
- Business
- Morocco World
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%.
Ya Biladi
13 hours ago
- Business
- Ya Biladi
Morocco partners with EBRD, IFC to launch WE Finance Code for women's access to finance
On Thursday, the Director General of Bank Al-Maghrib, Abderrahim Bouazza, signed a Declaration of Intent to launch the WE Finance Code, an initiative to support women entrepreneurs. The agreement was signed in partnership with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). The signing ceremony was attended by EBRD Vice President Mark Bowman, EBRD Managing Director for the Southern and Eastern Mediterranean region Mark Davis, and several senior officials from both the EBRD and Bank Al-Maghrib. In a press release, Bank Al-Maghrib explained that this initiative aligns with the institution's broader goals of promoting financial inclusion and women's economic empowerment. It also builds on the bank's long-standing collaboration with both the EBRD and IFC. The initiative further draws on the significant progress Bank Al-Maghrib has made in collecting and analyzing gender-disaggregated data within the financial sector. The WE Finance Code aims to improve access to finance for women-led micro, small, and medium-sized enterprises (MSMEs), while also providing technical support to financial service providers to strengthen their ability to meet the needs of this vital segment of Morocco's economy. «The launch of the WE Finance Code reflects our firm commitment to advancing women's financial inclusion in Morocco», said Bouazza, as quoted in the statement. He also expressed his desire to deepen fruitful cooperation with the EBRD, IFC, other international institutions, and key stakeholders to maximize the impact of the initiative and achieve its objectives.
Ya Biladi
2 days ago
- Business
- Ya Biladi
IFC Chief Makhtar Diop meets Morocco's Head of Government, discuss stronger private sector
The Managing Director of the International Finance Corporation (IFC), Makhtar Diop, met on Tuesday with Morocco's Head of Government, Aziz Akhannouch, during a four-day visit to reaffirm IFC's commitment to supporting the country. The visit, running from June 17 to 20, aims to consolidate a long-standing partnership and clarify priorities to stimulate economic growth through a stronger role for the private sector. During their meeting, Diop and Akhannouch discussed «working to build a more dynamic, inclusive, and resilient private sector, rich in opportunities for Moroccans». Très heureux de m'être entretenu avec M. Aziz Akhannouch, Chef du gouvernement du #Maroc, pour réaffirmer l'engagement d' @IFC_fr à intensifier son appui au pays. Ensemble, nous œuvrons à bâtir un secteur privé plus dynamique, inclusif et résilient, riche en opportunités pour les… — Makhtar Diop (@Diop_IFC) June 17, 2025 On the same day, Diop also held talks with Saham Group chairman Moulay Hafid Elalamy. «Many avenues for collaboration were identified, with a strong desire to strengthen our partnership, particularly in the financial sector, both in Morocco and across the continent», he wrote on X. Diop, accompanied by Ethiopis Tafara, IFC's Vice President for Africa, will also meet other key officials, including Finance Minister Nadia Fettah and Bank Al-Maghrib Governor Abdellatif Jouahri. The discussions will emphasize investment in high-potential sectors such as sustainable agriculture, manufacturing, infrastructure, services, and cultural industries, as well as advancing regional integration to reinforce Morocco's role as a hub for connectivity and innovation in Africa, according to a press release. He is also expected to sign an agreement to accelerate Morocco's digital transformation, a crucial driver for boosting economic opportunities and inclusive growth.
Yahoo
3 days ago
- Business
- Yahoo
Fintech Pioneer Amartha Secures $55M from European Development Finance Institutions to Empower Women Entrepreneurs in Rural Indonesia
JAKARTA, Indonesia, June 18, 2025 /PRNewswire/ -- Indonesian fintech pioneer Amartha, a digital financial technology provider which serves Indonesia's rural grassroots entrepreneurs, has secured USD $55 million in funding from three European development finance institutions: Swedfund (Sweden), Finnfund (Finland), and BIO (Belgian Investment Company for Developing Countries). Andi Taufan Garuda Putra, Founder & CEO of Amartha, stated, "This collaboration with three European state-owned development finance institutions highlights foreign investors' recognition of both the tremendous potential of the grassroots segment and Amartha's strong capability and governance in serving it. Amartha is committed to channeling this funding to reach millions of grassroots women entrepreneurs across Indonesia." Of the total $55 million, Swedfund contributed $25 million, while Finnfund and BIO each contributed $15 million. This funding will be channeled to support women-led microenterprises in rural areas through increased access to financing. The loan is part of a broader syndicated facility of up to USD 199 million, led by the International Finance Corporation (IFC), a member of the World Bank Group. "The funding comes as a strong vote of confidence in Amartha's grassroots-focused model and proven operational excellence, especially at a time when startup investment across Southeast Asia has slowed," said Amartha Chief Financial Officer Ramdhan Anggakaradibrata. Both DealStreetAsia and Tech in Asia reported a continued funding decline into Q1 2025 for the Southeast Asian tech ecosystem. Founded in 2010, Amartha has provided financial services to more than 3.3 million ultra-micro businesses across Indonesia of which 99 percent are women-owned. "Our model combines responsible lending, digital innovation, including robust AI-enabled risk profiling and management, and hyperlocal understanding of grassroots behavior," Taufan added. "It's this blend that builds trust, not not just with our customers, but with global investors seeking real impact." Jane Niedra, Investment Director for Financial at Swedfund, stated, "Swedfund's investment will enable Amartha to reach women entrepreneurs in rural areas with financial resources through responsible lending, boosting local economic stability and growth." Finnfund highlighted Amartha's innovation in developing the AmarthaFin digital app, which aims to broaden access to financial services in underserved areas. "It has recently developed a new app, AmarthaFin, whereby Amartha's customers can become micro-lenders to other group loan borrowers. With AmarthaFin, borrowers can generate more income," said Ulla-Maija Rantapuska, Senior Investment Manager at Finnfund. BIO CEO Joris Totté also emphasized the importance of digital financial tools. "Digital payments and e-wallets are powerful tools for financial inclusion, especially in rural communities where traditional banking infrastructure is limited," he said. Earlier this year, Amartha convened global players at the 2025 Asia Grassroots Forum in Bali, highlighting the untapped potential of rural economies and laying the groundwork for broader investment and collaboration. "In our 15-year journey focusing on this segment, Amartha has demonstrated that such potential can be realized through technology built on a deep understanding of the behaviors and needs of the communities we serve. We are grateful for the trust Swedfund, Finnfund, and BIO have placed in us in supporting our mission for greater financial inclusion," Taufan concluded. About Amartha Amartha's mission is to improve the welfare of the grassroots segment, through tailored digital financial services. Founded in 2010, Amartha is now growing to build a microfinance ecosystem through capital loan, risk segmentation and payment services. Amartha advances the bottom of the pyramid by increasing the competitiveness of MSMEs. Thus, we empower more women's MSMEs, create jobs and build more inclusive economic growth. As of March 2025, Amartha, which is licensed and supervised by the Financial Services Authority (OJK), has disbursed working capital loans of more than 35 trillion rupiah to 3.3 million MSMEs, of which more than 90 percent are led by women, spread across more than 50,000 villages throughout Indonesia. About BIO The mission of the Belgian Investment Company for Developing Countries (BIO)is to promote the establishment of a strong private sector in developing and emerging countries, to enable them to access growth and sustainable development, within the framework of the Sustainable Development Goals. BIO was created in 2001 with the Belgian Federal State as sole shareholder. Its ultimate goal is to help strengthen the private sector in developing countries. About Finnfund Finnfund is a Finnish development financier and impact investor. We build a sustainable future and generate lasting impact by investing in businesses that solve global development challenges. We invest 200–250 million euros in 20–30 companies in developing countries each year. Our focus sectors include renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. Today Finnfund's investments, commitments, and investment decisions total about 1.23 billion euros, half of them in Africa. The company has 97 employees based in Helsinki and Nairobi. About Swedfund Swedfund is Sweden's development finance institution with the mission to reduce poverty through sustainable investments in developing countries. Swedfund has two instruments to fulfil its mission: sustainable investments in the private sector and technical feasibility studies through the Project Accelerator targeting critical infrastructure in the public sector. Swedfund's investments contribute to the creation of decent jobs and increased access to essential products and services such as electricity and food. Swedfund is a long-term investor and is additional and catalytic through its investments and by mobilising private capital. View original content to download multimedia: SOURCE Amartha Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
