Meeting of the Board of the Central Guarantee Fund held December 28th , 2015 : 28/12/2015

Meeting of the Board of the Central Guarantee Fund held December 28th , 2015

Mr. Mohammed BOUSSAID, Minister of Economy and Finance chaired Monday, December 28th, 2015, the 30th meeting of the Board of Directors of the Central Guarantee Fund (CCG), particularly devoted to examining the activity and setting objectives in relation to the strategic direction of the Fund for the financial year 2016 and tools to provide in order to achieve them.

At the opening of this event, the Minister reiterated the priority the State gives to economic and social development through support to investment, the competitiveness of the productive fabric and the strengthening of financial inclusion.

He recalled, in this respect, the number of strategic projects, the Government launched, upon the High Royal instructions, including the ambitious industrial acceleration plan as well as the various sector-based strategies to strengthen the basis of an integrated and balanced economic development.

In addition, Mr. BOUSSAID stressed the adoption of several measures to promote investment and business development. In this respect, he welcomed the strengthening of the products of the Central Guarantee Fund and announced the continued expansion of the areas of operation of the Fund, notably through the launch of a seed fund for start-ups.

Invited to present the agenda items, Mr. Hicham ZANATI SERGHINI, CEO of CCG stated that since the reform of the National Guarantee System in 2009 in favor of TPME” very small and medium enterprises”, the volume of loans guaranteed by the CCG developed significantly. He noted that these results demonstrate the relevance of the strategic directions of the reform both in terms of targeting and products and in terms of processes and procedures.

Regarding the activity dedicated to individuals and which focuses on loan guarantee for access to housing, the Director General recalled that this activity, which experienced sustained growth since its launch in 2003, reached a level of maturity with stabilized commitments.

​ The Board that welcomed these positive achievements subsequently approved the aims of the production of guarantee and co-financing commitments for the year 2016, the last year of the CCG Development Plan for the period 2013-2016, set at 11.6 billion dirhams, up by 18% in relation to closing forecasts for the end of the fiscal year 2015, including 7.4 billion dirhams for companies and 4.2 billion dirhams for individuals.