Agadir – Tamwilcom, Morocco’s financial institution, partnered with The International Finance Corporation (IFC), a member of the World Bank Group, to finance small and medium-sized enterprises (SMEs) in Morocco.
“Tamwilcom and IFC – International Finance Corporation have formalized the signing of a strategic investment agreement in Washington D.C.,” Tamwilcom announced.
Said Jabrani, CEO of Tamwilcom, and Ethiopis Tafara, IFC Vice President of Africa, signed the partnership agreement on April 17, in the presence of Nadia Fettah, Morocco’s Minister of Economy and Finance, and Makhtar Diop, Managing Director of the IFC.
Under this agreement, IFC and Tamwilcom will deploy a risk-sharing facility valued at MAD 2.74 billion (around $300 million), covering a portfolio of SME guarantees issued by Tamwilcom.
The initiative targets a broad range of businesses, including women-led enterprises, agricultural operators, and firms integrated into supply chains, segments that continue to face structural financing constraints despite their central role in Morocco’s economy.
According to Tamwilcom, SMEs account for approximately 90% of Moroccan enterprises and remain a key driver of employment, innovation, and regional development.
However, a financing gap estimated at $20.4 billion persists, largely attributed not to a lack of available capital, but to limitations in risk assessment and guarantee mechanisms within the financial system.
“Moroccan entrepreneurs create jobs, strengthen value chains, and build the economic resilience of their communities,” said Tafara.
“Through its partnership with Tamwilcom, IFC is mobilizing private capital to support farmers, women entrepreneurs, and small businesses that are driving Morocco’s economic transformation,” IFC’s Vice President of Africa added.
Beyond the financial structure, IFC will also provide advisory support to strengthen Tamwilcom’s operational model, particularly in agriculture and supply chain finance.
The collaboration includes efforts to align guarantee frameworks with international standards and integrate environmental, social, and governance (ESG) considerations into risk management practices.
Founded in 1949, Tamwilcom is one of Africa’s oldest guarantee institutions and plays a central role in Morocco’s credit enhancement ecosystem. In 2025 alone, it issued approximately $2.7 billion in guarantees, facilitating nearly $4.7 billion in financing across more than 70,000 transactions.
Tamwilcom’s CEO described the agreement as a milestone in the institution’s institutional development and risk management strategy.
“This agreement marks a new milestone in Tamwilcom’s journey to strengthen its risk management framework to the highest standards,” Jabrani said, adding that “this initiative also represents a first step in the implementation of our new ‘Jossour 2030’ strategy, which aims to optimize the use of Tamwilcom’s resources and strengthen the private sector’s contribution to supporting SME financing.”
