Mr. Nizar Baraka, Minister of Economy and Finance headed on the sidelines of the Board of Directors of the Central Guarantee Fund held Wednesday, July 3rd 2013, the signing ceremony of a memorandum of understanding between the State, the Moroccan Banks Professional Group (GPBM) and the Central Guarantee Fund (CCG) to launch a range of products for exporting companies.
This measure is part of the economic recovery plan initiated by the Government to promote Moroccan investment, in a context characterized by the collapse of international demand and increased competition. The new range of products for export is available in the following three-pronged approach "more investment - more cash - more bonding" with:
The "Mezzanine Export" product, to encourage investment for export, through co-financing between banks and the Central Guarantee Fund, the latter is acting through an equity loan to co-finance up to 40% of the investment program at a rate of 2%;
The "Damane Export" product, to support the cash flow of exporters, through the reduction of 70% of the risk taken by banks for operating appropriations granted to exporters;
"The guarantee of export markets" to enhance access to international markets, through the guarantee of bank lending granted under guarantees required by Moroccan bidding companies or work contracts holders, supplies or services abroad.
In parallel, and within the framework of the reinforcement of solidarity for youth and human capital, the Minister signed, together with the Professional Group of Banks in Morocco (GPBM) and the Central Guarantee Fund (GCC), a Memorandum of understanding relating to developing the operating conditions of the "Education Plus" product. These improvements include increasing the credit limit of 100,000 to 250,000 DH for 50,000 DH per year instead of 20,000 DH before as well as the increase of the maximum grace period to 6 years instead of 5 years.