RicherFin · Sovereign Projects

Financing Innovative Startups and Small and Medium Enterprises Project — Morocco

Morocco · Nationwide · Financial services

Overview

The project, commonly known as InnovInvest, was designed to expand access to equity and quasi-equity for innovative Moroccan startups and small and medium enterprises. It combined a US$50 million International Bank for Reconstruction and Development loan with venture capital, seed and pre-seed finance, soft loans and entrepreneurship-ecosystem support.

Approved in March 2017 and effective from June 2017, the project was restructured three times. The final restructuring in December 2024 extended closing to 30 November 2025 to release remaining commitments to investment funds and accelerate disbursement of the loan balance.

Final results published in September 2026 reported nearly 1,000 entrepreneurs supported, more than 500 startups financed and more than MAD590 million mobilised through grants, loans and investments. The World Bank’s final assessment rated the programme Highly Satisfactory.

Key project information

Official name
Financing Innovative Startups and Small and Medium Enterprises Project
Common name
InnovInvest
Status
Completed
Current phase
Post-closing / final evaluation
Country
Morocco
Coverage
Nationwide
Sector
Financial services
Sub-sector
Venture capital · seed finance · startup finance
Project structure
Investment Project Financing through financial intermediaries
World Bank project ID
P150928
Loan
IBRD 8724-MA
RicherFin project ID
06c1b24e-39a0-4739-9215-b3d2ef6a2085
Total cost / committed financing
US$50 million / US$50 million
Approval / signing / effectiveness
10 Mar 2017 · 16 Jun 2017 · 28 Jun 2017
Revised closing
30 Nov 2025

Financing

The US$50 million project cost was fully covered at approval by an IBRD loan, with a zero financing gap. At the sovereign level the instrument was debt; downstream resources were deployed through equity and quasi-equity investment, seed and pre-seed support, soft loans and entrepreneurship assistance.

The March 2025 implementation report recorded US$46.24 million disbursed, or 92.49%, and US$3.76 million undisbursed. Sovereign-loan financing must be distinguished from the financial instruments deployed to companies and ecosystem participants.

Total project cost
US$50 million
IBRD financing committed
US$50 million
Financing gap at approval
US$0
Instrument
Investment Project Financing
Sovereign financing type
Debt