IFC partners Tamwilcom on $300 million facility to unlock SME financing in Morocco

International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Société Nationale de Garantie et du Financement de l’Entreprise S.A. (Tamwilcom) to expand access to financing for small and medium-sized enterprises (SMEs) in Morocco, with a focus on women-led businesses, agriculture, and supply chain firms.

The collaboration introduces an unfunded risk-sharing facility of up to MAD2.74 billion (about $300 million), designed to support a portfolio of SME guarantees issued by Tamwilcom, while mobilizing private capital into underserved segments of the economy.

Unlocking capital for underserved businesses

The facility marks a shift toward market-based, non-sovereign risk-sharing instruments aimed at strengthening Morocco’s financial architecture. SMEs account for roughly 90% of the country’s economic fabric but continue to face a significant financing gap estimated at $20.4 billion, driven largely by structural risk constraints rather than capital shortages.

By sharing risk with Tamwilcom, IFC aims to catalyze lending to high-impact sectors, including agriculture and women-owned enterprises, which face disproportionately higher barriers to financing. Ethiopis Tafara said the initiative will help channel capital to entrepreneurs driving job creation and economic resilience across Morocco’s value chains.

Strengthening financial systems and advisory support

Beyond financing, IFC will provide advisory services to enhance Tamwilcom’s operating model, particularly in priority sectors such as agriculture, while supporting the development of supply chain finance solutions aligned with global best practices. 

The partnership will also integrate environmental, social, and governance standards into Tamwilcom’s guarantee framework.

Founded in 1949, Tamwilcom is one of Africa’s oldest guarantee institutions. In 2025 alone, it issued approximately $2.7 billion in guarantees, unlocking about $4.7 billion in financing across more than 70,000 transactions.

Said Jabrani described the agreement as a milestone in strengthening the institution’s risk management framework and expanding SME access to finance, noting that the initiative aligns with its “Jossour 2030” strategy to optimize resources and deepen private sector participation.

Driving long-term economic inclusion

The partnership aligns with the World Bank Group’s broader strategy to enhance financial inclusion and support women’s economic participation, while reinforcing Morocco’s efforts to deepen its financial markets and boost private sector competitiveness.

With over six decades of engagement in Morocco, IFC has played a key role in supporting sectors ranging from infrastructure to agribusiness. In the past two years alone, the institution has invested and mobilized more than $2 billion in the country, underscoring its commitment to sustainable economic development.