For Moroccan startups, there is some light at the end of the tunnel as the General Confederation of Moroccan Companies (CGEM) and the International Finance Corporation (IFC), an institution of the World Bank Group dedicated to the private sector, have joined forces to support innovative Moroccan startups selected under the # SolidariTECH initiative.

“Aware of the importance of digitalization and innovative startups in our economy and in the fight against Covid-19 in particular, our two institutions are joining their efforts to support these actors by facilitating their access to new markets and the ‘internationalization of their offers,” said the president of the CGEM, Chakib Alj, in a press release, while welcoming the quality of the cooperation between the employers’ organization and the IFC.

Here Is All You Need To Know

• According to IFC director for the Maghreb region, Xavier Reille, “in the current context of the Covid-19 health crisis, startups can provide an adequate response”.
• According to the press release, the partnership is aimed at deploying the solutions proposed by these startups in neighboring countries such as Algeria and Tunisia and to identify new synergies between #SolidariTECH and similar initiatives carried out in the Maghreb region.
• Thus, these startups will benefit from a specific and close support program in favor, in particular, of the development and internationalization of their offers, the release further states. 

“They can bring new solutions in the fields of health, education or even transport”, Xavier Reille added, noting that “startups represent the spearhead of a new development model”.

• As part of this partnership, the CGEM and the IFC will also work to identify priority reforms promoting the promotion of digitalization in Morocco. The current health crisis offers a huge opportunity to players in digital ecosystems, and IFC, which has long international experience in supporting digital reforms, intends to make its contribution, the statement said.

Read Also: Africa’s Biggest Company Naspers Is Looking For Online Education Startups To Invest $8 Billion In 

A Look At SolidariTECH

# SolidariTECH Initiative is a citizen initiative launched by the CGEM, in partnership with the Moroccan Startup Ecosystem Catalysts (MSEC), to support the momentum of national solidarity in the fight against the coronavirus pandemic. To date, it has mobilized more than 150 national startups that have implemented innovative and agile solutions to the problems associated with Covid-19, for the benefit of citizens, businesses and the State.

What The IFC Does

A sister organization of the World Bank, IFC is the largest global development aid institution whose activities exclusively concern the private sector in emerging markets. It collaborates with more than 2,000 companies around the world and devotes its capital, skills and influence to creating markets and outlets where they are most needed.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.