The International Finance Corporation (IFC) announced on Wednesday that it has invested MAD 363 million in Building Logistics Services S.A. (BLS), a well-known logistics operator in Morocco. The investment will support BLS’s growth strategy, generate employment, and enhance Morocco’s standing as a regional hub for trade and logistics.
BLS plans to expand its operations significantly, creating an estimated 500 new jobs by 2030. Its expansion will involve constructing, extending, and acquiring warehouse facilities in various cities in Morocco.
The project is addressing the pressing need to modernize and professionalize domestic transportation and logistics services, improve access to markets, and reduce costs for businesses and consumers.
BLS operates ten warehouse facilities in Morocco, providing services including freight forwarding, transit, and third-party logistics. The company is majority-owned by H&S Invest Holding, a family-run Moroccan holding company. The parties signed the investment agreement today on the sidelines of the International Monetary Fund-World Bank Group 2024 Annual Meetings in Washington, DC.
Once the deal is closed, IFC will hold a minority stake in BLS along with STOA, an impact fund that acquired a 20% minority stake in BLS in 2023.
Moncef Belkhayat, CEO of H&S Invest Holding, expressed his enthusiasm at IFC joining the board. IFC’s contribution, along with the STOA infra team’s, will “help BLS accelerate its market presence and become more customer-centric,” he said. “We aim to implement an environmental, social, and governance (ESG) policy to position ourselves as the leading African logistics company in terms of environmental protection, sustainability policies, and corporate governance standards.”
Marie-Laure Mazaud, CEO of STOA, said, “We are excited to welcome IFC to BLS, supporting the Group’s ambitious logistics and third-party logistics (3PL) development plan in Morocco. We can rely on the dynamism and strategic vision to execute this plan effectively, focusing on customer service, operational and financial performance, as well as our responsibility towards environmental and social issues.”
Sérgio Pimenta, IFC’s Vice President for Africa, highlighted the investment’s significance. [BREAK IT DOWN] “IFC’s equity investment in BLS will further enhance competitiveness in Morocco’s logistics sector,” he said. “By supporting a local logistics champion to scale its operations, this project will help make supply chains more efficient, creating jobs and improving lives.”
The investment aligns with the World Bank Group’s FY19-25 Country Partnership Framework for Morocco and will support IFC’s mission to unlock long-term private capital for vital transport and logistics infrastructure in emerging markets. Over the last three fiscal years, IFC has invested and mobilized MAD 128.5 billion in Morocco and has committed nearly MAD 6 billion this fiscal year alone to promote the country’s development goals.
For over 60 years, IFC has collaborated with Morocco’s public and private sector partners to foster growth across key industries including infrastructure, finance, manufacturing, and agribusiness. These initiatives have played a pivotal role in transforming Morocco into a regional hub for international connectivity, bolstered by significant infrastructure investments and port modernization.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Operating in more than 100 countries, IFC leverages its capital, expertise, and influence to create markets and opportunities in developing nations.
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