To improve corporate participation of Moroccan women, the two groups are set to work together to guarantee better access to positions of leadership.
Rabat – The International Finance Corporation (IFC) and the Club of Women Administrators in Morocco (CFA Maroc) signed a partnership agreement to promote Moroccan women’s access to executive positions of business leadership this Friday in Casablanca.
The agreement aims to develop CFA members’ capacities in different areas related to corporate governance. It also seeks to increase their participation on boards of directors (BOD) and in corporate management positions.
“More than ever, women directors are called upon to contribute to the construction of competitive and efficient companies able to meet the current challenges of today,” said Amina Figuigui, president of CFA, in a press release sent to Morocco World News.
She added that it is necessary to improve women’s managerial skills to optimize the added value they can bring to the economy.
The partnership is “timely, as Morocco is embarking on an inclusive and green recovery plan, and in which women will have a key role to play,” said Sergio Pimenta, vice president of IFC for Africa and the Middle East.
The project is part of IFC’s Governance for Sustainability program in Morocco. It falls within IFC’s MENA Private Sector Development program, implemented in partnership with the Dutch government.
Despite the large number of well-educated women in Morocco, women head only 5% of companies and only 21.35% participate in the labor force.
Operating in Morocco since 1963, IFC has been at the forefront of innovative private sector development projects. In fiscal year 2020, IFC committed more than $250 million in investments in the country.
Created in 2012, CFA is a non-profit organization dedicated to promoting good governance and gender diversity on the boards of public and private companies in Morocco. It brings together business leaders and senior executives who run more than 300 public and private enterprises.
Its function mainly focuses on the promotion and development of women’s access to directorships, the support of women directors, the promotion of good corporate governance, and advocacy with public authorities to advance female representation.