Casablanca, Morocco, December 12, 2024 – IFC and Holmarcom, a leading, privately-owned Moroccan conglomerate, today announced an expanded partnership to advance access to finance and insurance in Africa, promoting sustainable business growth by strengthening Holmarcom’s banking and insurance footprint.
Under the partnership, IFC will invest MAD 1.35 billion (about USD $135 million equivalent) to acquire, subject to regulatory approvals, a minority equity stake in Holmarcom Finance Company (HFC), the financial services arm of Holmarcom, which works to close financing gaps in Morocco and across Africa. IFC’s equity investment in HFC will increase access to credit for smaller businesses, particularly those owned by women and those focused on climate-related projects, and support growth of life and non-life insurance, including for women.
The investment marks an expansion of IFC’s existing partnership with Holmarcom Insurance Activities (HIA) into HFC, signaling a commitment to consolidating and scaling Holmarcom’s financial services across Africa. This equity investment by IFC follows HFC’s recent acquisition of Crédit du Maroc, Morocco's seventh-largest privately-owned bank by assets.
"With IFC’s support, we are well-positioned to deliver impactful solutions in Morocco and beyond, addressing the evolving needs of our clients," said Mohamed Hassan Bensalah, Holmarcom Group’s Chairman and CEO. "This partnership, which reflects our shared commitment to creating sustainable development opportunities, marks a new strategic milestone for HFC. In addition to supporting our development ambitions, IFC will provide its expertise to help guide the evolution of our governance and ESG policies in line with international standards."
“This investment underscores IFC’s commitment to fostering financial inclusion and sustainability in Morocco and across Africa,” said Aliou Maiga, IFC’s Financial Institutions Group (FIG) Director for Africa. “We are proud of this partnership with Holmarcom, which aligns with our strategy in Africa to unlock new opportunities for SMEs, women entrepreneurs, and climate finance, ultimately contributing to inclusive economic development on the continent.”
IFC will also provide advisory services to help HFC strengthen its sustainability framework to structure and manage environmental, social, and governance ambitions at the group level for its subsidiaries, with a focus on the financial inclusion of SMEs, particularly those owned by women, and climate finance.
This announcement builds on a strong partnership between Holmarcom and IFC, which began with IFC’s equity investment in HIA in 2021 to expand insurance access in Morocco and sub-Saharan Africa.
Over the past three years, IFC has committed and mobilized more than $1.6 billion in Morocco. This fiscal year 2025 alone, IFC committed almost $600 million in Morocco to support key sectors, reinforcing its role as a catalyst for economic growth and resilience.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About Holmarcom
A private Moroccan Group with nearly 60 years of history, Holmarcom holds a privileged position among the major players in Morocco’s economic landscape. It operates through four main core business sectors: Finance, Agro-Industry, Logistics and Real Estate.
Driven by a structured business project and human resources mobilized around a common vision, the Group is committed to an entrepreneurial growth strategy and a dynamic innovation policy, aiming for sustained and long-term growth.
Proud of its roots and history, Holmarcom continues its investment policy in the major strategic sectors for the sustainable development in Morocco and opens up to new challenges across the African continent. The Group currently operates in Senegal, Benin, Ivory Coast and Burkina Faso.
About Holmarcom Finance Division
Supporting the development of finances services in Morocco over 50 years, Holmarcom has a significant presence in this sector, particularly in the insurance market through its historic company, AtlantaSanad Assurance, and in the banking market through Crédit du Maroc. The Group has also been present in Ivory Coast since 2017 (Atlanta Assurances). Furthermore, in February 2022, it launched a company dedicated to participative insurance (Takafulia Assurances).
Aligned with its strategic vision, the Group aims to build an integrated financial division with a pan-African focus by strengthening its position in the insurance and banking sectors, diversifying its financial activities, and accelerating its expansion in Sub-Saharan Africa. For more information: www.holmarcom.ma.
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