Marrakech – Bank Al-Maghrib (BAM), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC) signed a Declaration of Intent on Thursday to launch the WE Finance Code initiative.

This aims to improve access to financing for very small, small, and medium enterprises (VSMEs) led by women in Morocco.

The initiative, which aligns with BAM’s ambition to promote financial inclusion and women’s economic empowerment, builds on the long-standing collaboration between the three institutions. It capitalizes on the significant progress made by BAM in collecting and analyzing gender-specific data in the financial sector.

The WE Finance Code seeks to strengthen the capacity of financial service providers to meet the needs of this important segment of the Moroccan economy by providing targeted technical support. The convention aims to improve access to financing for women-led VSMEs while providing this technical assistance.

The signing ceremony took place in the presence of Mark Bowman, EBRD Vice-President, Mark Davis, EBRD Director General for the Southern and Eastern Mediterranean (SEMED) region, and several senior officials from EBRD and BAM.

Abderrahim Bouazza, BAM Director General, said that “the launch of the WE Finance Code reflects our firm commitment to women’s financial inclusion in Morocco.”

He also expressed his willingness to strengthen productive cooperation with EBRD, IFC, international institutions, and other stakeholders to maximize the positive impact of this initiative and achieve its objectives.

Mark Bowman praised “Bank Al-Maghrib’s strong commitment to promoting financial inclusion, particularly by facilitating access to financing for women-led VSMEs.”

He reaffirmed “the EBRD’s commitment to supporting Bank Al-Maghrib’s initiatives through the implementation of the WE Finance Code. Bank Al-Maghrib is thus positioning itself as a key multilateral player in reducing the gender gap in access to finance in Morocco.”

The initiative will provide technical support to strengthen the North African country’s efforts in women’s economic empowerment.

BAM intends to leverage the technical assistance provided by EBRD and IFC under this initiative to build the capacity of Moroccan financial service providers and relevant entities, in coordination with the Ministry of Economy and Finance and other concerned public bodies.

This technical assistance aims to promote women’s financial inclusion and develop financial and non-financial products and services tailored to their needs.

The Women Entrepreneurs Finance Initiative (We-Fi) is a global multi-stakeholder partnership comprising 14 governments, 8 multilateral development banks, and other public and private stakeholders. It is hosted by the World Bank Group.

The EBRD is implementing the Code in Egypt and Morocco and will mobilize financing to support women’s entrepreneurship, with a view to promoting gender equality, removing gender-related barriers, and reducing gaps in access to finance for women entrepreneurs.

The partnership comes as Morocco, alongside Spain and Portugal, prepares to host the 2030 FIFA World Cup with high standards of governance, sustainability, and inclusion.

EBRD, which has invested over €5 billion in Morocco to date, sees the event as a catalyst to accelerate climate transition and strengthen social cohesion in the country.

EBRD had previously supported Agadir in issuing Morocco’s first municipal green bond under the Green Cities program.

The bank also assists Morocco in implementing the State Ownership Policy adopted in December 2024 to clarify mandates, enhance transparency, and attract private investment in major infrastructure projects.

The EBRD has been active in Morocco since 2012 and has supported a wide range of financial, digital, and green initiatives across the country.

In February, BAM and EBRD signed an agreement with a consortium of Korean institutions to bolster Morocco’s fintech ecosystem through the “Boosting Morocco’s Regulatory Fintech Ecosystem” technical assistance program.

This coincided with the establishment of the Morocco Fintech Center association to support startups and companies in the sector.