Bank Al-Maghrib (BAM) and the International Finance Corporation (IFC) – a member of the World Bank group – approved, Friday in Rabat, a memorandum of understanding on supply chain finance (SCF).

Concluded in the presence of the Wali of BAM Abdellatif Jouahri and the Director General of IFC Makhtar Diop, this agreement is part of the promotion of access to finance for very small, small and medium enterprises, said the Central Bank in a statement.

To this end, the two institutions signatories plan to design a strategy for financing supply chains (SCF) in consultation with relevant operators of the Moroccan financial system, said the same source.

This initiative will have a catalytic effect on financial inclusion and the reduction of payment delays in Morocco. Indeed, the establishment of an environment and framework conducive to SCF will contribute to the emergence of innovative and inclusive financing models for the benefit of ecosystems and businesses, meeting the development and growth needs of Moroccan SMEs.

Bank Al-Maghrib and IFC will continue to work together to remove obstacles that hinder the growth and prosperity of SMEs, and thus facilitate their access to finance, concluded the statement.