IFC Invests $37M in Building Logistics Services to Boost Morocco’s Development Goals

The funding will be directed toward BLS's expansion initiatives, which include constructing, extending, and acquiring warehouse facilities in multiple Moroccan cities.

The International Finance Corporation (IFC) has announced a MAD363 million (approximately $37 million) equity investment in Building Logistics Services S.A. (BLS), a leading logistics operator in Morocco. This strategic investment is set to accelerate BLS’s growth strategy, create approximately 500 new jobs by 2030, and enhance Morocco's position as a regional logistics and trade hub.

The funding will be directed toward BLS's expansion initiatives, which include constructing, extending, and acquiring warehouse facilities in multiple Moroccan cities. This project addresses the pressing need to modernize domestic transportation and logistics services, thereby improving access to markets and services while reducing costs for businesses and consumers alike.

BLS operates ten warehouse facilities across Morocco, providing a range of services including freight forwarding, transit, and third-party logistics. The company is predominantly owned by H&S Invest Holding, a family-run Moroccan holding company. The investment agreement was signed today during the International Monetary Fund-World Bank Group 2024 Annual Meetings.

Following this investment, IFC will hold a minority stake in BLS, joining STOA, an impact fund that acquired a 20% minority stake in the company in 2023.

“I am delighted and honoured to see IFC joining our board. Their contribution, alongside the STOA infra team’s, will help BLS accelerate its market readiness and enhance customer-centric services,” stated Moncef Belkhayat, CEO of H&S Invest Holding. He added that the company plans to implement an environmental, social, and governance (ESG) policy, aiming to become the leading African logistics company in terms of sustainability and corporate governance.

Marie-Laure Mazaud, CEO of STOA, expressed enthusiasm for IFC's involvement, stating, “We can count on the dynamism and strategic vision of Moncef Belkhayat to execute this plan with operational and financial efficiency while being responsible for environmental and social issues.”

IFC’s Vice President for Africa, Sérgio Pimenta, noted that this equity investment will bolster competitiveness in Morocco’s logistics sector. “By supporting a local logistics champion to scale its operations, this project will help make supply chains more efficient and support ambitious development goals that will create jobs and improve lives,” he said.

This investment aligns with the World Bank Group’s FY19-25 Country Partnership Framework for Morocco and supports IFC's mission to unlock long-term private capital for vital transport and logistics infrastructure in emerging markets. Over the past three fiscal years, IFC has invested and mobilized $1.3 billion in Morocco, with nearly $600 million committed in the current fiscal year alone to further the country’s development objectives.

For more than 60 years, IFC has collaborated with both public and private sector partners in Morocco to drive growth across critical industries such as infrastructure, finance, manufacturing, and agribusiness, playing a pivotal role in establishing Morocco as a regional hub for international connectivity.