Morocco, and particularly Casablanca, serves as a hub of the financial industry, strategically located at the crossroads of Africa, Europe, and the Middle East, stated Sérgio Pimenta, Regional Vice President of IFC (International Finance Corporation) for Africa, on Monday in Casablanca.
“Morocco is also a key partner of IFC in Africa. We are proud of the impact of our collaboration, which has spanned more than 60 years,” Pimenta said during the opening of the Africa Financial Summit (AFIS 2024).
On this occasion, the regional vice president highlighted the critical role of Africa’s financial sector in fostering growth and prosperity during these unprecedented times. "On one hand, Africa faces the withdrawal of international banks, historically high interest rates, and ongoing trade and currency volatility. On the other hand, digitization, innovation, and the emergence of new players are positively transforming the financial sector.”
In response to these challenges and opportunities, bold decisions and long-term strategies are needed, Pimenta emphasized, noting that Africa, now more than ever, must mobilize its financial capabilities to address its needs.
He also expressed IFC’s strong belief in Africa’s resilience and capacity for innovation, pointing out that the continent has all the assets required to lead in digital innovation, sustainable agriculture, and green infrastructure solutions.
He added, “Through our investments and advisory services, we support the regional financial industry to mobilize private capital for the continent's development priorities such as food security, job creation, climate change mitigation and adaptation, gender equality, and financial inclusion. Notably, in the 2024 fiscal year, IFC committed nearly $3.2 billion in long-term financing to Africa’s financial sector, including $1.9 billion from its own account and over $1.2 billion in mobilized funding.”
Pimenta also outlined IFC’s three strategic priorities to enable Africa's financial industry to fully contribute to the continent's development. These include strengthening agricultural financing to boost food security, increasing access to financing for micro, small, and medium-sized enterprises (MSMEs), and raising funds to mitigate and adapt to climate change.
On food security, the regional vice president stressed the importance of increasing agricultural productivity on the continent. He announced that IFC is preparing to launch a unique initiative in collaboration with AgTech companies to integrate technology into innovative financing programs for agricultural value chain players.
Amir Ben Yahmed, Managing Director of Jeune Afrique Media Group and President of AFIS 2024, highlighted Morocco’s economic successes and its crucial role in driving financial development across the African continent.
He noted that this pan-African vision, now a model for economic integration and sovereignty in Africa, stems from the initiative of HM King Mohammed VI, who encouraged Moroccan companies to look to the rest of the continent as a development lever.
Ben Yahmed also praised the importance of major Moroccan financial institutions such as Attijariwafa Bank, BCP, and Bank of Africa (BOA), as well as the Casablanca Finance City, a hub hosting over 200 international investors, in strengthening finance on a continental scale. He emphasized that these achievements are the result of a clear and bold vision championed by royal leadership.
He reaffirmed that the financial industry is essential for Africa’s economic future, underscoring its fundamental role in financing growth, infrastructure, and financial inclusion.
Additionally, Ben Yahmed pointed to the need to facilitate intra-African trade and promote payment interoperability—a crucial challenge for the industry—stressing the importance of mobilizing African savings, estimated at nearly $500 billion, and advancing capital market integration.
Founded by Jeune Afrique Media Group in 2021 and co-organized by IFC, AFIS is built around five key priorities to drive necessary transformations: “creating banking products and capital market solutions to channel local resources into productive investments,” “reducing the cost and time of cross-border transactions to facilitate intra-African trade,” “strengthening capital requirements for financial institutions,” “consolidating the industry,” and “fostering partnerships with international financial centers.”
Held under the theme “The Era of African Financial Powers Has Arrived,” the forum, which brings together over 1,000 African financial sector leaders, policymakers, and regulators, features more than 30 high-level panels and roundtables to discuss the structural reforms needed to enhance the sector's resilience and overcome obstacles to financing African economies amid regional and global upheavals.
