Morocco launches WE Finance Code to empower women entrepreneurs

Morocco has taken a bold step in promoting women’s economic empowerment through the launch of the WE Finance Code initiative. Spearheaded by Bank Al-Maghrib (BAM), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC), the initiative aims to enhance access to financing and technical support for very small, small, and medium enterprises (VSMEs) led by women in the country.

Strengthening financial inclusion

The WE Finance Code seeks to address the financing challenges faced by women entrepreneurs in Morocco by improving the capacity of financial service providers to cater to their specific needs. The initiative builds on BAM's efforts to collect and analyze gender-specific data in the financial sector, reflecting its commitment to promoting financial inclusion and reducing the gender gap in access to finance.

According to Abderrahim Bouazza, BAM’s Director General, the initiative underscores the institution's dedication to women’s financial inclusion. He emphasized the importance of collaboration with international partners like EBRD and IFC to maximize the initiative’s impact.

High-level support and global partnerships

The signing ceremony for the WE Finance Code took place in the presence of Mark Bowman, EBRD Vice-President, and Mark Davis, EBRD Director General for the Southern and Eastern Mediterranean (SEMED) region, alongside senior officials from BAM and EBRD. Bowman praised BAM’s commitment to financial inclusion and reaffirmed EBRD’s support for the initiative, positioning it as a critical tool for reducing gender disparities in Morocco's financial sector.

The initiative aligns with global efforts under the Women Entrepreneurs Finance Initiative (We-Fi), a multi-stakeholder partnership hosted by the World Bank Group. The EBRD is also implementing similar programs in Egypt and Morocco to promote gender equality and eliminate barriers to financing for women entrepreneurs.

Technical support for long-term impact

Under the WE Finance Code, EBRD and IFC will provide technical assistance to Moroccan financial service providers in collaboration with the Ministry of Economy and Finance and other public entities. This support will focus on developing tailored financial and non-financial products to meet the unique needs of women-led businesses.

The initiative also comes at a time when Morocco is preparing to co-host the 2030 FIFA World Cup with Spain and Portugal, a milestone expected to boost inclusion, governance, and sustainability in the region.

Morocco’s broader collaboration with EBRD

The EBRD has played a pivotal role in Morocco’s economic development since 2012, investing over €5 billion in sectors such as green energy, infrastructure, and digital transformation. Recent collaborations include supporting Morocco’s fintech ecosystem and helping Agadir issue the country’s first municipal green bond under the Green Cities program.

The WE Finance Code marks another chapter in Morocco’s efforts to empower women entrepreneurs and strengthen its economy through sustainable, inclusive growth.