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The House of Representatives adopts two bills relating to the pledge of public procurement and the VCIO : 03/12/2014

The House of Representatives adopts two bills relating to the pledge of public procurement and the VCIO

The House of Representatives passed by a majority at a plenary session , December, 3 rd  2014, two bills related to the pledge of public procurement and the venture capital investment Organization (VCIO)

 Thus, the Bill 112.13 on the pledge of public procurement was adopted with 128 votes while 66 deputies abstained and no deputy voted against.

 In this sense, the Minister Delegate to the Minister of Economy and Finance, Mr. Driss El Azami El Idrissi, stressed that the current pledge system of public procurement, in force since nearly 60 years, no longer meets the development of the public procurement process  and does not promote the facilitation of businesses access to financing public procurement.

 The current measures no longer offer necessary guarantees in support of the right of access to information from the market and the pledge holders, he added.

 Terms updated in the new law specifically intend to simplify and modernize the pledge of public procurement markets procedures, strengthen mechanisms for financing businesses’ orders in the public sector and encourage them to overcome procurement financing difficulties, added the Minister, noting that the bill provides support for companies to develop investment and create wealth.

Concerning the bill 18.14 which amends and supplements the law N° 41.05 on venture capital investment Organization (OPCR), it was adopted by 120 deputies, while 58 abstained and no deputy voted against.

 To this end, Mr. El Azami El Idrissi stated that the project aims to expand the scope of the law 41.05 to include, in addition to small and medium enterprises, the different types of businesses and cover all investment capital activities.

 The new law will create a legal framework regarding the different types of the investment capital activities to complement the potential funding offered to businesses and also to support the development of the national investment capital, noted the Minister.

 The Bill also involves strengthening the role and the abilities of the Moroccan Capital Market Authority (AMMC) in control ling OPRC and their companies as it requires using a depository institution, separate from the management company, dedicated to ensure the safeguarding of the assets of the institutions.

 It tends, moreover, to broaden the field of activity of OPCR to include the possibility of the acquisition of assets or issuing foreign currency liabilities, stated Mr. Driss El Azami El Idrissi, noting that this would encourage foreign investment in the investment capital activities.