U.S. International Development Finance Corporation CEO Scott Nathan and Chief Development Officer (CDO) Larry Sacks traveled to Marrakech, Morocco, as part of a high-level U.S. Government delegation, led by Secretary of the Treasury Janet Yellen, to the 2023 Annual Meetings of Board of Governors of the World Bank Group and the International Monetary Fund.
While there, they met with government, private sector, and development finance institution (DFI) leaders to strengthen partnerships to advance global infrastructure. CEO Nathan also signed loan commitments that will help bolster food security.
During his visit, CEO Nathan signed a commitment letter with Ifria Cold Chain Development Company (Ifria) to provide $9.3 million in financing for the development of a cold chain warehouse in Morocco. He also signed a commitment for $10.5 million in financing for a facility in Senegal. The new facilities will increase large-scale cold chain storage for perishable food and pharmaceuticals.
They will also extend the life of healthcare products and reduce food waste that diminishes smallholder farmers’ earnings. The commitment demonstrates DFC’s work to support long-term economic growth.
In meetings with Moroccan government officials, including Prime Minister of Morocco Aziz Akhannouch, Delegate-Minister Mohcine Jazouli, and Minister of Energy Transition and Sustainable Development Leila Benali, CEO Nathan offered condolences on behalf of the United States over the destruction and loss of life caused by the recent earthquake.
He also expressed DFC’s commitment to supporting private-sector-led development across economic sectors in Morocco, with a particular emphasis on manufacturing, energy, sustainable infrastructure, agribusiness, and small business support.
On the sidelines of the annual meetings, CEO Nathan held meetings with the CEO of British International Investment (BII) Nick O’Donohoe, the President of the European Bank for Reconstruction and Development (EBRD) Odile Renaud-Basso, the General Manager of the European Development Finance Institutions (EDFI) David Kuijper, the CEO of SwedFund Maria Hakansson, and other EDFI partners to discuss how DFIs can continue to strengthen their collaboration to mobilize finance to deliver high-quality, sustainable infrastructure.
CEO Nathan and CDO Sacks engaged with other prominent government and private sector leaders, including Minister Zeina Toukan of Jordan and Minister Ken Ofori-Atta of Ghana, to discuss areas of potential and ongoing partnership. They also met with leaders in the Moroccan private sector at a business roundtable to identify private sector financing opportunities.