The International Finance Corporation (IFC) announced on Wednesday, October 23, an investment in Building Logistics Services S.A. (BLS), a logistics operator in Morocco. In a statement released on the same day, IFC said that this investment will support the company's growth strategy, create jobs, and deepen Morocco's role as a regional logistics and trade hub. The investment, valued at MAD 363 million, will help finance the company's expansion plans, creating 500 new jobs by 2030. BLS's expansion aims to modernize and professionalize domestic transportation and logistics services in Morocco. Providing freight forwarding, transit, and third-party logistics services in 10 warehouse facilities in Morocco, BLS is majority-owned by H&S Invest Holding, a family-owned Moroccan holding company. The agreement between IFC and BLS was signed on Wednesday on the sidelines of the International Monetary Fund-World Bank Group 2024 Annual Meetings. Through this agreement, IFC will own a minority stake in BLS alongside STOA, an impact fund established in 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's infra team, will help BLS accelerate its speed to market and become 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 the highest level of corporate governance», he added. «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. «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», said Sérgio Pimenta, IFC's Vice President for Africa. IFC's investment in BLS aligns with the World Bank Group's strategy for Morocco and supports IFC's mission to mobilize private capital for essential infrastructure projects in emerging markets.
