In a bid to bolster North Africa’s burgeoning tech start-up sector, the International Finance Corporation (IFC) is joining forces with Moroccan public finance institution TAMWILCOM. The partnership aims to provide advisory support to a Moroccan start-up accelerator, selected collaboratively by IFC and TAMWILCOM, fostering an environment conducive to attracting both local and international investments. This initiative is a crucial step towards addressing the stark disparity in funding, with Morocco currently capturing less than 1% of the record-breaking $5.4 billion African tech start-up investment in 2022.
The agreement, signed today, builds upon The World Bank’s earlier commitment to fund TAMWILCOM, empowering the institution to establish a financing program dedicated to supporting Morocco’s entrepreneurial ecosystem. This collaborative effort signifies a strategic move to bridge the financial and technical support gap, essential for sustaining and amplifying Morocco’s vibrant start-up scene.
Tamwilcom, having recently announced the launch of the Innov Invest Fund (F2I) in July 2023, demonstrates its steadfast commitment to nurturing innovation and supporting startups. The F2I initiative aims to financially back 800 innovative projects and startups over a five-year period, showcasing a comprehensive approach to cultivating a supportive environment.
As part of this initiative, Tamwilcom has initiated a campaign to identify and label support structures responsible for implementing a new range of financing products targeting innovative entrepreneurs. The Call for Expression of Interest (EOI), open from June 28th to July 17th, seeks to select up to twenty support structures operating in various stages, including “ideation,” “incubation,” and “pre-acceleration.” These structures are expected to present clear value propositions catering to one or more of these segments, aiming to enhance the success rate of supported startups and generate employment opportunities.
The comprehensive approach extends to the “acceleration” segment, which will be addressed subsequently through a dedicated offering. Tamwilcom’s commitment to providing a continuum of support reflects in its strategy to facilitate the growth of startups, enabling them to secure independent funding through fundraising activities.
To maximize the impact of the new offering, Tamwilcom plans to establish partnerships with key stakeholders within the ecosystem. These partnerships will be selected through a competitive process based on calls for expression of interest. Additionally, the institution intends to develop synergies with other public and private initiatives, emphasizing the importance of strong demand from startups and the diversification of their innovative strategies for the success of these endeavors.
The launch of the Innov Invest Fund marks the commencement of Tamwilcom’s strategic plan from 2023 to 2026. The institution envisions adapting its financing offering to meet the evolving needs of the ecosystem while ensuring the continuity of support for startups through appropriate guidance, accelerating the maturation of innovative projects. This collaborative effort by IFC and TAMWILCOM signifies a crucial step towards unlocking the full potential of Morocco’s dynamic start-up landscape.
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