This article was produced with the support of Ithmar Capital
To start, could you give us an overview of Ithmar Capital?
Ithmar Capital was established to promote long-term, impactful and profitable investments that align with the country’s broader development strategies. Unlike typical investment funds, Ithmar Capital operates upstream in the investment value chain, ideating, preparing and structuring transformational projects that require institutional sponsorship. This approach enables better risk allocation, enhances project bankability, and significantly increases the multiplier effect on public capital, helping to attract private capital at scale.
Since our shareholders expanded our mandate to cover all productive sectors in 2019, we’ve focused our model on strategic themes that reflect Morocco’s long-term priorities, such as job creation, current account optimisation and enhancing the country’s attractiveness to international investors.
These themes span high-potential growth sectors as well as critical enabling sectors.
Ithmar Capital’s primary contribution is not the volume of capital it deploys, but its ability to unlock and mobilise private capital through robust project preparation and balanced risk allocation.
To this end, we deploy our strategy through two complementary platforms: a project preparation platform that addresses early-stage barriers preparation, risk structuring and an internationalisation platform that supports the internationalisation of the Kingdom’s economy.
Through these initiatives, and by leveraging our global partnerships, we aim to catalyse transformative investments that support both national development and deeper regional integration.
South-South investment is a cornerstone of the Kingdom’s vision for continental cooperation. What specific strategies is Ithmar Capital employing to encourage it?
South-South cooperation is indeed more relevant and necessary today than ever, especially in light of the evolving global economic landscape and the succession of crises since the Covid-19 pandemic. The first type of capital to dry up in times of crisis is often development aid and investment capital. It is therefore essential that we increase the share of our own resources dedicated to productive investment and development, in order to turn the continent’s potential into tangible economic outcomes.
At Ithmar Capital, we act primarily as a catalyst for opportunities and a trusted partner – both to identify and de-risk transformational projects and initiatives capable of attracting private investors. We firmly believe that the main constraint to development is not only a lack of capital, but also the shortage of bankable projects that offer the right risk-return balance.
As a founding member and chair of the Africa Sovereign Investors Forum (ASIF), how is Ithmar Capital fostering collaboration among African sovereign investors?
Fostering collaboration among African sovereign investors is indeed at the heart of ASIF’s mission. Since its conception and launch, we have focused on transforming that ambition into concrete frameworks for collaboration at both the strategic and operational levels.
ASIF’s efforts embody our shared commitment to aligning long-term capital with Africa’s long-term priorities, particularly in addressing critical challenges such as climate change, infrastructure, food security, regional integration, while creating structured opportunities for co-investment among ASIF’s members.
ASIF is not only elevating the role of African capital but also contributing to a more compelling and credible investment narrative for the continent.
How does ASIF plan to concretely facilitate coordination among African sovereign investors, and what lessons have emerged from this first three-year term?
Despite its young age, ASIF has quickly established itself as a major and credible initiative across the continent and beyond. This was especially evident during ASIF’s most recent Annual Meeting, held in Abuja, Nigeria and hosted by the Nigeria Sovereign Investment Authority.
Over the past three years, ASIF has succeeded in establishing key strategic partnerships with institutions such as the African Development Bank, Africa50 and UNCTAD. Notably, the Forum also marked a milestone with the signing of the Rabat Declaration by ADIA, ADQ and KIA during ASIF’s inaugural edition in 2022, held under the High Patronage of His Majesty King Mohammed VI.
How is ASIF positioning itself to reassure and crowd in international capital, particularly in light of the risk perceptions often associated with the African continent?
Attracting foreign investment is a core objective for ASIF, and we are actively positioning the Forum as a trusted gateway to Africa’s investment opportunities. Through the ASIF, we offer global investors a privileged access to various investment opportunities focused on African needs.
What makes this initiative unique is the early and direct access it provides to proprietary deals sourced and co-financed by African sovereign investors. These institutions bring deep local insight, strong networks and an ability to navigate the business environment with confidence, helping to mitigate risks that are often perceived externally.
We are building a layered risk mitigation strategy. This includes the use of catalytic capital from philanthropic partners, geographic and sectoral diversification, and the integration of both local and international expertise.
Governance and strong operational models are also key success factors. The initiative adheres to international best practices, ensuring transparency and accountability through investor representation in key decision-making bodies and robust ESG reporting frameworks. Altogether, these measures reflect ASIF’s commitment to building a credible and investor-friendly value proposition that can crowd in long-term capital and help reshape the investment narrative around Africa.
Under Morocco’s presidency of the International Forum of Sovereign Wealth Funds (IFSWF), you’ve championed good governance, sustainability and impact investing. How is Ithmar Capital embedding these principles into its investment philosophy?
The Kingdom’s chairmanship of the board of directors of the IFSWF marks a historic first for an African fund and is a strong testament to the Kingdom’s leadership, both on the continent and internationally under the enlightened vision of His Majesty King Mohammed VI.
Our active engagement within the IFSWF aligns with our broader mission to promote Morocco as a credible and attractive investment destination. By highlighting high-potential sectors and opportunities, we contribute to positioning the country within the global community of long-term investors. The IFSWF, which today brings together 44 sovereign funds managing over $5 trillion in assets, offers a valuable platform to advocate for the role of SWF.
At Ithmar Capital we’ve brought renewed momentum to the forum by advancing themes specific to development-oriented sovereign investors, and by ensuring greater African representation within the dialogue.
In line with Morocco’s pioneering role in energy transition and sustainable development, we are committed to embedding impact and sustainable investing themes more deeply into the forum’s strategic dialogues.
At Ithmar Capital, these principles are not theoretical, they shape our investment philosophy. We believe profitability and developmental impact are not mutually exclusive. By focusing on high-quality project preparation, risk-sharing mechanisms and long-term partnerships, we aim to generate returns while maximising socio-economic value for Morocco and beyond. The real challenge lies in aligning timelines and expectations across stakeholders but that is precisely where development-oriented sovereign funds like ours can lead.
Looking ahead, how do you see Ithmar Capital evolving to meet Morocco’s and Africa’s future economic challenges?
Ithmar Capital will continue to evolve as a strategic investor driving long-term, sustainable transformation in Morocco and across Africa, together with key private and public partners. We are intensifying our focus on key sectors that are essential for current and future development.
Our mission is not only to invest in the economy of today, but to help build the economy of tomorrow, sustainable, inclusive and shared. This vision is reflected in our actions.
We are committed to contributing to making investment a true driver of development both at the national and continental levels and to supporting an Africa that takes its destiny into its own hands.
An Africa that no longer seeks development aid, but rather co-investors to bring projects to life, generate employment opportunities, and pave the way for inclusive and sustainable growth.
We are fully mobilised around this mission, and we continue to challenge boundaries and shift paradigms to help change the narrative of Africa from a continent of the future to a continent of the present, from one full of promise to one full of opportunity.
