Ceremony of signing two agreements : 16/12/2009

Ceremony of signing two agreements

The Minister of Economy and Finance signed, in Tuesday, December 15th 2009 at the Ministry, two agreements. The former concerns the establishment of funds for financing the upgrading of hotel facilities and the latter concerns support for export enterprises in the Fisheries sector. Were present at that ceremony the Minister of Tourism and Handicrafts and the Minister of Agriculture and Fisheries.

- The setting up of funds for financing the upgrading of hotel facilities Called "RENOVOTEL 2010"

Mr. Salaheddine Mezouar together with Mr. Mohamed Boussaid, Minister of Tourism and Handicraft, co-chaired the ceremony of setting up funds for financing the upgrading of hotel facilities known as "RENOVOTEL 2010". The State, represented by the two ministers and the private sector, represented by Mr. Othman Benjelloun, Chairman of Morocco`s Banks Professional Grouping, Mr. Cherif Alami Othman, Chairman of the National Federation of Tourism and Mr. Ali Ghannam,. President of the National Federation of Hotel Industry signed a Memorandum of Understanding setting up the commitments of the two contracting parties found in this context.

This was followed by the signing of specific agreements, laying down the procedures for the implementation of the Memorandum of Understanding between the State and the Guaranty Central Fund on the one hand, and During the ceremony, the Minister of Economy and Finance stressed that the " RENOVOTEL 2010" fund is part of the proactive measures established by authorities to accompany the tourist industry in a difficult international situation, including joint funding (state- banks) of programs to upgrade those facilities.

According to him, the" RENOVOTEL 2010 Fund" is open to hotels rated from 1 to 5 stars, clubs and serviced apartments so as to realize their tangible and intangible investment programs of upgrading and repositioning of the product that aims to create added value, improved service quality and the inclusion of environmental dimensions.

The financial package combines, according to the concerned category, a flow that varies between 10% and 15% of the project cost, a contribution of "RENOVOTEL 2010 Fund" between 35% and 45% and a bank financing up to 50 % of the project cost. The contribution of the Fund takes into account the establishment rate which rises up to a maximum of MD 20 million by each hotel. Mr Mezouar pointed out that the effort of the government is to assess in particular through the interest rate applied by the RENOVOTEL 2010 Fund fixed at 2% and the state guarantee from which the bank credit may benefit.

Mr Mezouar finally welcomed the efforts of all stakeholders to achieve the establishment of the "RENOVOTEL 2010 Fund "and has wished that this mechanism may contribute quickly and significantly to improve the quality of tourist services and product as an important driver of competitiveness.

- Supporting export enterprises in the Fisheries sector

The Minister of Economy and Finance, Mr. Aziz Akhannouch the Minister of Agriculture and sea Fisheries and the Presidents of the CGEM and the CCG signed a Convention to support export companies working within the fisheries sector.

These measures revolve around four components:

  • A social component: its objective is to sustain employment in the Fisheries sector throughout the state repayment of the contributions of the export enterprises employers under the monthly wages reported to the National Social Security Fund;

  • A financial component aiming at improving the liquidity of companies through the introduction of guaranteed products to finance funding needs for working capital and the granting of a moratorium to firms on their business credits;

  • A business component providing preferential terms for access to export insurance and a financial assistance to support companies in their export diversification programs of markets and communication campaign;

  • A training component which purpose is to maintain jobs and skills and to sustain the positioning of these enterprises abroad.