Morocco’s Fondation Arrawaj gets $15 million IFC microloan

International Finance Corporation (IFC) has announced a proposed senior loan of up to $15 million to Fondation Arrawaj de la Finance Inclusive (Arrawaj), Morocco’s third-largest microcredit association, aimed at expanding access to finance for micro and small enterprises, including women-owned businesses. 

The loan can be denominated in U.S. dollars (USD), euros (EUR), or Moroccan dirham (MAD) equivalent, with a one-year grace period and a final maturity of up to five years, funded from IFC’s own account. Alongside financing, IFC will provide advisory services to enhance risk management, operational efficiency, and product development, enabling Arrawaj to strengthen Morocco’s microfinance ecosystem and promote inclusive economic growth.

Supporting MSME growth and financial inclusion
Arrawaj’s lending program reaches roughly 119,000 micro and small businesses across Morocco, providing a mix of microloans, mobile wallet services, and micro-insurance products. IFC’s investment is structured under the MSME Finance Platform (BOP envelope) and is designed to strengthen Arrawaj’s capacity to meet growing demand for inclusive finance solutions.

Complementing the loan, IFC will deliver advisory services to enhance the borrower’s operations. The program will focus on product development, risk management improvements, capacity building, and strategic business planning. These efforts aim to enable Arrawaj to capture new growth opportunities in Morocco’s microfinance market while maintaining sustainable operational standards.

Proven track record in microfinance
Founded in 1996 and licensed as a regulated microcredit association in 2000, Arrawaj has established itself as a leading provider of financial services for Morocco’s underserved microenterprise sector.

The institution has built a diverse portfolio that includes women-owned businesses and other small-scale enterprises, promoting financial inclusion and economic empowerment.

IFC emphasizes that the project summary is intended to enhance transparency and inform stakeholders about the proposed investment, including environmental and social considerations. While IFC considers the information of adequate quality for public release, not all details have been independently verified. The advisory and financing program together aim to scale Arrawaj’s impact, strengthen Morocco’s microfinance ecosystem, and contribute to broader economic inclusion initiatives.