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The International Finance (Corporation) IFC) announced today a $37 million investment to support expansion plans for the Building Logistics Services (BLS), a logistics operator in Morocco.
BLS is part of H&S Invest Holding, a family-owned Moroccan company.
IFC and BLS signed the investment deal on Wednesday on the sidelines of the International Monetary Fund World Bank 2024 Annual Meetings.
The investment aims to support BLS’s expansion plans to create 500 new jobs by 2030 through the construction and acquisition of warehouse facilities across various cities.
The investment will address the “need to modernize and professionalize domestic transportation and logistics services in Morocco, helping improve access to markets and services, while reducing costs for businesses and individuals,” IFC said in a statement.
Following the investment, the agreement will allow IFC to take a minority stake in BLS alongside STOA.
STOA is an impact fund established in 2017.
Moncef Belkhayat, CEO of H&S Invest Holding commented on the agreement with IFC, saying the agreement will enable the company to deploy an “environmental, social, and governance (ESG) policy with the ambition of being the leading African logistic company in terms of Environmental Protection, Sustainable policies and the highest level of corporate governance.”
STOA CEO Marie-Laure Mazaud also stressed the importance of the agreement, saying the company is delighted to welcome IFC to BLS to support the Group’s ambitious development plan in the logistics and 3PL sector in Morocco.
“We can count on the dynamism and strategic vision of its chairman, Moncef Belkhayat, to execute this plan with efficiency, a sense of customer service, operational and financial performance, and the Group’s responsibility to environmental and social issues,” Mazaud said. “We will contribute with all our expertise to support BLS in this adventure which is first and foremost a human one.”
Sergio Pimenta, IFC’s Vice President for Africa, also expressed satisfaction with the project, noting that IFC’s equity investment in BLS will boost competitiveness in Morocco’s logistics sector.
“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,” Pimenta explained.
IFC invested $1.3 billion in Morocco over the past three years.
The company committed $600 million to promote Morocco’s development goals in 2024, the statement said, stressing IFC’s commitment to continue work to foster the country’s growth across key sectors like infrastructure, finance, manufacturing, and agribusiness.
“These efforts have been instrumental in transforming Morocco into a regional hub for international connectivity,” it concluded.
Source: Morocco word news
