The World Bank plans to leverage guarantees to attract more international financing to Morocco, according to Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA). «We believe our guarantees can help Moroccan borrowers, including sub-sovereign entities and state-owned enterprises, diversify their funding sources by accessing private capital», Matano stated in an interview with MAP. The initiative is anticipated to support Morocco's transition to cleaner energy, strengthen its position as a global trade and logistics hub, modernize its transport infrastructure, and enhance its human capital, the WB official said during his visit to Morocco from September 9-13. MIGA has already issued nearly €810 million in guarantees to help finance the construction and expansion of the Rabat campus for Mohammed VI Polytechnic University (UM6P), he noted. This operation serves as a foundation for future projects, including the expansion of the Tanger Med port complex and potential investments in the railway sector. «We are actively exploring opportunities to assist Moroccan companies in their international exports and investments», Matano emphasized. He recalled that MIGA launched a guarantee platform last July to facilitate both inbound and outbound investments, particularly in Africa. Matano acknowledged the growing role of African banks, including Moroccan institutions, as key financiers across the continent. «We are committed to supporting African banks and investors, just as we have been supporting global banks and investors», he stated. During his visit to Morocco, where he met with government officials and public institutions, Matano discussed how the World Bank Group can align its efforts with Morocco's development priorities. The focus is on high-productivity sectors such as education, healthcare, renewable energy, water, and transport, which align with Morocco's New Development Model for 2021-2035. «This visit provided an opportunity to explore collaborative ways to support Morocco's ambitions through World Bank Group guarantees», he said, reaffirming the commitment to strengthening the longstanding partnership between Morocco and the World Bank. Established in 1988, MIGA aims to promote foreign direct investment in emerging economies by mitigating non-commercial risks and enhancing credit for private investors through guarantees. Since its inception, MIGA has issued over $87 billion in guarantees for more than 1,000 projects, including wind farms, railways, and educational institutions. The World Bank Group's Guarantee Platform aims to streamline processes and enhance accessibility to guarantees, targeting an annual issuance of $20 billion by 2030 to expand its impact in client countries.
