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Projet ALBARAKA
The Moroccan microfinance institution Albaraka Foundation is seeking to develop its loan portfolio. PROPARCO is helping it review its anti-money laundering and terrorist financing procedures.
Client presentation
The ALBARAKA Foundation is a microcredit association (MCA) founded in 1996. It is today the 3rd largest microfinance institution in Morocco, with a market share of 19% and over 144,000 clients. It relies on a network of 185 branches.
Project description
Proparco’s credit line will support the development of the ALBARAKA Foundation’s loan portfolio. Proparco’s financing will support the updating of ALBARAKA Foundation’s anti-money laundering and terrorist financing procedures.
Project impact
This operation will allow ALBARAKA Foundation to continue its development, which started 18 years ago. Its mission is to contribute to the economic and social integration and financial inclusion for microentrepreneurs excluded from conventional financing circuits. This project will also contribute to disseminating good practices for the fight against money laundering and terrorist financing.
15/05/2015
Date of signature of the project
Sectors
Morocco
Location
Financing tool
10 023 000 Euros
Amount of funding
Loan of EUR 10m and technical assistance of EUR 23,000
Financing details
Fondation ALBARAKA
Client