IFC Partners with BLS to Strengthen Morocco’s Logistics Sector and Create Jobs

Washington D.C., October 23, 2024 – IFC today announced an investment in Building Logistics Services S.A (BLS), a leading logistics operator in Morocco. The investment will support the company’s growth strategy, create jobs, and deepen Morocco’s role as a regional logistics and trade hub.

IFC’s MAD363 million, local-currency equity investment (equivalent to about $37 million) in BLS will help finance the company’s expansion plans, which include creating an estimated 500 new jobs by 2030 through the construction, extension, and acquisition of warehouse facilities in various cities in Morocco.

The project addresses the need to modernize and professionalize domestic transportation and logistics services in Morocco, helping improve access to markets and services, while reducing costs for businesses and individuals.

BLS, which provides freight forwarding, transit, and third-party logistics services in 10 warehouse facilities in Morocco, is majority owned by H&S Invest Holding, a family-owned Moroccan holding company. IFC and BLS signed the investment agreement today on the sidelines of the International Monetary Fund-World Bank Group 2024 Annual Meetings.

Following the investment, IFC will own a minority stake in BLS alongside STOA, an impact fund established late 2017 which also acquired a 20% minority stake in 2023.

“I am delighted and honored to see IFC joining our board. Their contribution along with STOA infra team’s will help BLS fasten its speed to market and be more customer centric,” said Moncef Belkhayat, CEO of H&S Invest Holding. “We will deploy an environmental, social, and governance (ESG) policy with the ambition of being the leading African logistic company in terms of Environmental Protection, sustainability policies and highest level of corporate governance.”

“We are delighted to welcome IFC to BLS to support the Group's ambitious development plan in the logistics and 3PL sector in Morocco,” said Marie-Laure Mazaud, CEO of STOA. “We can count on the dynamism and strategic vision of its Chairman, Moncef Belkhayat, to execute this plan with efficiency, a sense of customer service, operational and financial performance, and the Group's responsibility to environmental and social issues. We will contribute with all our expertise to support BLS in this adventure, which is first and foremost a human one.”

“IFC’s equity investment in BLS will further strengthen competitiveness in Morocco’s logistics sector,” said Sérgio Pimenta, IFC’s Vice President for Africa. “By supporting a local logistics champion to scale its operations, this project will help make supply chains more efficient and support the company’s ambitious development goals that will create jobs and improve lives.”

The project aligns with the World Bank Group’s FY19-25 Country Partnership Framework for Morocco and supports IFC’s mandate to unlock long-term private capital for critical transport and logistics infrastructure in emerging markets.

Over the last three fiscal years, IFC has invested and mobilized $1.3 billion in Morocco – and this fiscal year alone, has already committed nearly $600 million to promote the country’s development goals.

For more than 60 years, IFC has worked alongside Morocco’s public and private sector partners to foster growth across key industries, including infrastructure, finance, manufacturing, and agribusiness. These efforts have been instrumental in transforming Morocco into a regional hub for international connectivity, bolstered by significant infrastructure investments and port modernization.