International Finance Corporation (IFC)

About the fund

The SME financing initiative between the International Finance Corporation and Tamwilcom is a roughly $300 million risk-sharing facility designed to expand access to credit for underserved small and medium-sized enterprises across Morocco. Rather than providing direct loans, IFC shares the credit risk on portfolios of SME guarantees issued by Tamwilcom, enabling local banks to lend more aggressively while limiting downside exposure. The program targets key gaps in the market—particularly financing for women-owned businesses, agricultural enterprises, and supply chain SMEs—while also strengthening Tamwilcom’s institutional capacity and risk frameworks. By leveraging Morocco’s national guarantee platform, the initiative is structured to mobilize significantly more private-sector lending than the headline commitment, making it a scalable example of blended finance aimed at closing the country’s sizable SME funding gap.