Morocco launchs fund to support small enterprises

Bank Al-Maghrib (the central bank), the professional grouping of Moroccan banks and the Central guarantee Fund (CCG) have agreed to start a fund of financial support to very small, small and medium-sized enterprises.
The fund will “co-finance with other banks operations meant to restore and secure the sustainability of these very small, small and medium-sized enterprises which are deemed viable”, says a release.
It will also consolidate and preserve the said enterprises, particularly exporting ones and those operating in the industrial sector. Intermediate-size enterprises are also eligible for this fund.
The fund’s action will consist in granting a given enterprise a loan of MAD 50 million maximum while the bank’s action could take the form of a contribution to finance restructuring existing loans, operation or investment.
All Moroccan banks will be participating in this co-financing mechanism.