IFC and Holmarcom Expand Partnership to Strengthen Access to Finance and Insurance in Africa

Casablanca, Morocco, December 12, 2024 – IFC and Holmarcom, a leading, privately-owned Moroccan conglomerate, today announced an expanded partnership to advance access to finance and insurance in Africa, promoting sustainable business growth by strengthening Holmarcom’s banking and insurance footprint.

Under the partnership, IFC will invest MAD 1.35 billion (about USD $135 million equivalent) to acquire, subject to regulatory approvals, a minority equity stake in Holmarcom Finance Company (HFC), the financial services arm of Holmarcom, which works to close financing gaps in Morocco and across Africa. IFC’s equity investment in HFC will increase access to credit for smaller businesses, particularly those owned by women and those focused on climate-related projects, and support growth of life and non-life insurance, including for women.

The investment marks an expansion of IFC’s existing partnership with Holmarcom Insurance Activities (HIA) into HFC, signaling a commitment to consolidating and scaling Holmarcom’s financial services across Africa. This equity investment by IFC follows HFC’s recent acquisition of Crédit du Maroc, Morocco’s seventh-largest privately-owned bank by assets.

“With IFC’s support, we are well-positioned to deliver impactful solutions in Morocco and beyond, addressing the evolving needs of our clients,” said Mohamed Hassan Bensalah, Holmarcom Group’s Chairman and CEO. “This partnership, which reflects our shared commitment to creating sustainable development opportunities, marks a new strategic milestone for HFC. In addition to supporting our development ambitions, IFC will provide its expertise to help guide the evolution of our governance and ESG policies in line with international standards.”

“This investment underscores IFC’s commitment to fostering financial inclusion and sustainability in Morocco and across Africa,” said Aliou Maiga, IFC’s Financial Institutions Group (FIG) Director for Africa. “We are proud of this partnership with Holmarcom, which aligns with our strategy in Africa to unlock new opportunities for SMEs, women entrepreneurs, and climate finance, ultimately contributing to inclusive economic development on the continent.”

IFC will also provide advisory services to help HFC strengthen its sustainability framework to structure and manage environmental, social, and governance ambitions at the group level for its subsidiaries, with a focus on the financial inclusion of SMEs, particularly those owned by women, and climate finance.

This announcement builds on a strong partnership between Holmarcom and IFC, which began with IFC’s  equity investment in HIA in 2021 to expand insurance access in Morocco and sub-Saharan Africa.

Over the past three years, IFC has committed and mobilized more than $1.6 billion in Morocco. This fiscal year 2025 alone, IFC committed almost $600 million in Morocco to support key sectors, reinforcing its role as a catalyst for economic growth and resilience.