The International Finance Corporation (IFC), the World Bank’s main development arm focused on the private sector, has signed a major investment agreement with Building Logistics Services (BLS), a private Moroccan logistics operator. The deal, finalized in Washington on Wednesday, aims to bolster Morocco’s role as a regional logistics and trade hub.
Through an equity investment of $37 million in BLS, IFC will support the company’s ambitious expansion plans. These include the construction, extension, and acquisition of warehouses across Morocco, which is expected to create around 500 new jobs by 2030, according to a statement from the World Bank’s subsidiary. The investment will address the need to modernize and professionalize transport and logistics services in the country, improving market access and reducing costs for businesses and consumers.
This agreement, signed during the IMF and World Bank Annual Meetings, gives IFC a minority stake in BLS alongside STOA, an impact fund that acquired a 20% minority stake in 2023. STOA was founded in 2017 to invest in infrastructure projects.
Moncef Belkhayat, CEO of H&S Invest Holding, BLS’s majority shareholder, expressed his satisfaction, stating that IFC’s investment demonstrates the trust international financial institutions have in Morocco’s private sector. He emphasized Morocco’s growing reputation as Africa’s top destination for investment returns, attributing this to the country’s sound macroeconomic policies and stable currency.
The funds, denominated in Moroccan dirhams, will facilitate the development of ten logistics platforms across the country, including one in Laâyoune. This expansion is expected to generate significant employment opportunities and support Morocco’s preparations for hosting the 2030 FIFA World Cup, aligning with broader infrastructure development efforts.
Marie-Laure Mazaud, Managing Director of STOA, highlighted her enthusiasm for supporting BLS’s “ambitious development plan” in Morocco. Similarly, Sérgio Pimenta, IFC’s Vice President for Africa, stated that this investment will enhance the competitiveness of Morocco’s logistics sector.
The project is part of the World Bank Group’s partnership framework with Morocco for 2019-2025, aligning with IFC’s mandate to mobilize long-term private capital to finance critical infrastructure in emerging markets. Over the last three fiscal years, IFC has invested and mobilized $1.3 billion in Morocco, with $600 million committed in the current fiscal year alone.
