Highlights

Signing ceremony for a memorandum of understanding to facilitate access to credit for very small businesses. : 24/05/2012

Signing ceremony for a memorandum of understanding to facilitate access to credit for very small businesses.

A new project, referred to as "Damane Express", intended to facilitate access to credit for very small enterprises (TPE), was launched Wednesday, May 23rd 2012 in Casablanca.

The memorandum of understanding regarding this new fund was signed by Mr. Nizar BARAKA, Minister of economy and finance, Mr. Othman BENJELLOUN, President of the Professional Association of Moroccan banks (GPBM) and Mr. Hicham ZANATI SERGHINI, Director General of the Central Guarantee Fund (CGC).

The aim of this new financing facility is to reduce of 70% the risk banks take for investment and operating loans

Its objective is also to ensure banking loans in favor of the (TPE) regardless of their maturity and the purpose of the appropriations.

As a result of a public-private partnership, this program performing for "SME Guarantee facility", aims to make the TPE a vector for economic growth, social inclusion and employment promotion.

The Government seeks, through the development of this project, to encourage the banking sector to move more towards this type of businesses.