Our Partners
MOROCCO
With a population of 32 million people, Morocco is the second largest country in the region; it is estimated that 14% of the population lives below US$ 2 a day. Morocco continues to grapple with a high illiteracy rate, a low education enrollment rate, and a high urban youth unemployment rate of around 30%. Human Development Index gives the country a rank of 130th out of 182 countries in 2009.
The estimated market potential for microfinance in Morocco is about 2 million potential clients, of which near half of them are currently served by the sector.
Grameen-Jameel has facilitated more than US $25.6 million in local currency financing to its MFI partners in Morocco, as well as access to technical assistance and training.
Grameen-Jameel is a partner with the following institutions:
Association Al Karama de Micro Credit (Al Karama)
Fondation pour le Développement Local et le Partenariat – Micro-crédit (FONDEP)
Association Al Karama de Micro Credit (Al Karama): Al Karama is a non-profit organization established in 1999 that specializes in microcredit. Created under Morocco’s national microcredit law (18/97), it is committed to supporting the progressive growth of microenterprise by supplying financial and technical support to its clients.
As of September 2010, Al Karama maintained 16,223 active borrowers and a gross loan portfolio of US$4.9 million. In 2007, Al Karama received a C+/Positive Outlook from Planet Rating.
Grameen-Jameel has been supporting Al Karama since 2005. The work was initiated with Morocco’s first forum for microfinance organizations and policy-makers to discuss the importance of expanding services to the poor in the neglected Eastern region of the country. Al Karama became a Grameen-Jameel partner in 2006, with financial and technical assistance being provided to help scale Al Karama.
For further information on Al Karama, please refer to their website: www.alkaramamc.org
Fondation pour le Développement Local et le Partenariat – Micro-crédit (FONDEP): FONDEP was established in Morocco in 1996 by Mouatassim Belghazi, the current President of the institution, as a non-profit organization, or NGO, with the objective of contributing to the economic integration of disadvantaged individuals into the national Moroccan economy through the financing of income-generating micro-projects. FONDEP is organizationally divided between FONDEP Micro-crédit, focusing exclusively on lending and financial activities, and FONDEP Developpement, which is a separate legal entity focusing on non-financial activities (literacy, training, social promotion)
FONDEP as of September 2010 had 124,508 active clients, and its gross loan portfolio amounts to US $75.8 million. FONDEP received an A/A- rating in 2008 from Microfinanza. It was ranked #5 on the Forbes Top 50 MFIs in 2007 and #100 on the 2009 MIX Global 100 composite list of top MFIs worldwide.
Grameen-Jameel partnered with FONDEP in 2004 and has provided direct loans and guarantees that have generated over US $15.0 million in local currency financing, in addition to various technical assistance, including but not limited to training and initiating a pilot program for Progress out of Poverty Index (PPI)
For further information on FONDEP, please refer to their website: www.fondep.com