AWC has six members in Morocco and works also with other non-member organizations.

IFIs working in Morocco


Morocco joined the IMF in 1958, two years after its independence. In 1959, Morocco signed on the first loan with the IMF Since then, Morocco received more than 20 loans from the IMF.

Since 2001, the IMF has been assessing the Moroccan economy periodically. This assessment is known as Article IV Consultation in reference to the article number 4 in the IMF’s Articles of Agreement that established the IMF’ surveillance role.

World Bank

Morocco joined the WBG in 1958.  Throughout the years the bank invested in 247 projects in the Moroccan public sector. the Bank currently has 24 active WB projects, and 10 projects in the pipeline (under preparation).

The International Finance Corporation, -the arm of the World Bank Group that invests in private sector- has 19 active and seven pending projects in Morocco with a total investment of US$4.3 as of October 2020.

The World Bank Group prepares a Country Partnership Framework (CPF) for each country it is active in. The CPF outlines the Bank‘s strategy in this specific country over a three to five year period. As of January 2021, the current CPF for Morocco covers the period of 2019 through 2024.


Morocco’s has been a member of the Afdb since 1964. The African Development Bank (AfDB) has 35 projects in Morocco for a total investment of about $3 billion, making the country AfDB’s top recipient as of 2019.

The first project was focused on electricity in 1970, and has since financed 151 project in Morocco.


EIB started its operations in Morocco in 1979. Since then, EIB invested 8.3 billion Euros in 246 projects in Morocco.


Morocco’s relationship with the EBRD has been fairly recent, as the first project between the two dates to August 2012. Since then, and until December 2020, the EBRD invested 2.8 million Euros in 72 projects in both the public and private sectors.

The EBRD develops a Country Strategy for each country it works in that outlines its strategy framework in the country for a certain period. The last Country Strategy for Morocco was adopted in 2015.

Main issues

Morocco’s relationship with IFIs could be considered as “the good student”, having a long history of reliance on them, especially the IMF and the WB. The extent of benefit for Morocco from this dynamic is up to debate. One major episode of this relation is the Structural Adjustment Program (1983-1993). It came as Morocco struggled with a financial crisis due to external shocks (such as oil prices and US interest rates rise) and internal issues such as the imbalances of the growth model adopted at the time. This phase is most remembered for the ensuing 1984 deadly food riots, after Morocco under the IMF program raised commodities prices and reduced subsidies. This event has shaped Moroccans view towards IFIs and can still be heard echoed publicly by opposition parties.

Morocco is highly indebted with continuous reliance on IFIs. Yet, unemployment, weak health and education sectors, corruption and inequalities continue to plague the country. Another round of austerity measures has been taking place since 2011, after the Arab spring. And while the macro-economic indicators are arguably improving on papers, little is manifested on the ground, especially for the most marginalized populations. Continued tensions are on the rise as a result, last of which are the north-eastern Hirak.

AWC, and its Moroccan members and partners continue to closely monitor IFIs work in Morocco.

AWC recent activities in Morocco

AWC partnered with “Talassemtane Association for Environment and Development in Chefchaouen” to monitor and analyze the impacts of the World Bank’s Morocco COVID-19 Response project.   This program aims to facilitate access to help Morocco face the Covid-19 challenges. The program has been active since 2020.

AWC is working with “Association Democratique des Femmes du Maroc” to ensure monitoring CSOs engagement and gender implication aspects in “Casablanca Municipal Support program” funded by the IBRD and IFC. This program has been active since 2018 and aims to attract private investments in services and infrastructure, in the form of “public-private partnerships.”

AWC is also working with “Youth for Youth” on monitoring and analyzing the impacts of the World Bank’s “Supporting the economic inclusion of youth” program. The project aims to increase access to economic opportunities for youth in the Marrakech-Safi region. It has been active since 2019.

This page was last updated in December 2020.