n October 1, Jaida, the institution that refinances the Kingdom’s microcredit associations, informed the public that the Caisse de Depot et de Gestion (CDG) had completed on September 29 the acquisition of six hundred thousand of its shares, until then held by France’s Caisse des Depots et Consignations (CDC). The shares represent 18.29% of the company’s capital and voting rights, and the transaction lifts CDG’s holding from 32.01% to 50.3%. Jaida presents it as a way to support the growth of its activities, by widening access to finance and strengthening financial inclusion in Morocco.
Founded in 2007 by CDG, the German development bank KfW, the CDC and the French Development Agency, and joined in 2010 by Barid Al-Maghrib, Jaida exists to finance microcredit associations, lending to them so that they can lend in turn. Its shareholding had not moved for years: at the end of 2023, CDG held 32.0%, KfW 31.4%, the CDC 18.3%, and the AFD and Barid Al-Maghrib 9.1% each. With the CDC gone, it is CDG that will now hold the majority on its own in this quiet cog of credit to small entrepreneurs.
Photo: Anass Sedrati, CC BY-SA 4.0. The CDG head office in Rabat.
