Highlights

Signing of a memorandum of understanding on the financial lease guarantee for micro-businesses and an agreement for the implementation of the "Mouwakaba" program : 12/02/2015

Signing of a memorandum of understanding on the financial lease guarantee for micro-businesses and an agreement for the implementation of the "Mouwakaba" program

Mr. Mohamed Boussaïd, Minister of Economy and Finance chaired Thursday, February 12th 2015 at the headquarters of his Department, the 29th meeting of the Board of the Central Guarantee Fund.
 

On the sidelines of the meeting, the Minister of Economy and Finance, Mr. Mohamed Boussaid, Mr. Abdallah BENHAMIDA, President of the Professional Association of Funding companies and Mr. Hicham SERGHINI the Director of the Central Guarantee Fund, signed Thursday February 12th , 2015 at the Ministry of Economy and Finance the Memorandum of Understanding on the financial lease guarantee for the Very Small, Small and Medium size Enterprises (micro-businesses) to launch the financial lease guarantee.

Mr. Mohamed Boussaid chaired, subsequently, the signing ceremony of the agreement between the Central Guarantee Fund and Morocco Entrepreneurship Network for the implementation of the “Mouwakaba "program for interest-free loans for entrepreneurs.

The Minister reiterated the commitment of the State, through these initiatives, to provide new solutions to TPME financing needs that offer now a comprehensive and diverse product range, satisfying the requirements of these kind of companies in all important phases of their life cycle (creation, development, exploitation, transmission, restructuring ...) and also the opening of the warranty to decision-makers other than banks in this case, corporate funding and associations intended to fund interest-free loans.

In his speech, Mr. Mohamed Boussaid recalled the State's efforts in facilitating access to finance micro-businesses. He recalled, in particular, the reform of the national guarantee system which allowed to a better meeting of the expectations and needs of micro-businesses. Thanks to this new system, the guarantee action dedicated to micro-businesses recorded a significant increase. During 2014, the “Central Guarantee Fund products have leveraged a total credit of more than 7 MMDH for 3100 TPME against 4.8 MMDH in 2013 for 2050 TPME.

​These findings indicate the relevance of the strategic choices, the efficiency of the new system and the partners' use of the new range of guarantee products. This trend is likely to increase further with the State’s new strategy established by the Central Guarantee Fund Development Plan for the period 2013-2016 which aims to provide new answers to business needs.