In an effort to improve the availability of
insurance in many parts of Sub-Saharan Africa, the International
Finance Corporation (IFC) and the IFC African, Latin American and
Caribbean Fund are to make an equity investment of $90m in
Morocco-based Saham Finances.
Saham Finances is the holding company of
CNIA-SAADA, the third-largest insurance company in Morocco, Colina
Participations, an insurance group with operations in West and
Central Africa.
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Insurance products sold include life, health
insurance, motor vehicle and personal accident.
CNIA-SAADA also controls ISAAF, a leading
Moroccobased assistance and travel insurance company.
“IFC’s investment in Saham is in line with our
strategy to support cross border investments and channel know-how
into less developed markets,” commented
Mouayed Makhlouf, IFC director for the Middle
East and North Africa.
A unit of the World Bank, the IFC is the
largest global development institution focused exclusively on the
private sector.
