Crowdfunding: entrepreneurship and innovation catalyst : 23/03/2016

Crowdfunding: entrepreneurship and innovation catalyst

Mr. Driss EL AZAMI EL IDRISSI, Minister Delegate to the Minister of Economy and Finance in charge of the budget opened Tuesday, March 22nd, 2016, alongside the Ambassador of the United States in Rabat, the conference under the theme "Crowdfunding: entrepreneurship and innovation catalyst" held in partnership with the magazine " Economie et Entreprise”.

In his speech, the Minister delegate thanked the organizers and especially the Embassy of the United States in Rabat for their attention to issues of promotion and their support of youth entrepreneurship.

The Minister delegate also recalled that the government gives special priority to the promotion of a society which is more "entrepreneurial" through various initiatives launched. He clarified that the "Crowdfunding”, being a tool of financing, could play a key role in this regard in terms of encouraging creativity, initiative taking and innovation among young people.

He further stressed that this financing system is another financial sector development component for improving financial inclusion. The latter is expected to reach a new level in the context of the ongoing reflection, and this in cooperation with partners in the public and private sectors, so as to define a global strategy of financial inclusion.

This event was an opportunity to discuss the development potential of this method of financing in Morocco and support the ongoing reflection of this department to set up a legal framework for this activity. Achieving this ambitious project will make Morocco the leader in the MENA region and Africa in this field, which is in keeping with the strategy to set Morocco up as a regional financial hub.

The direction of the Treasury and External Finance participated in the various panels related to the regulatory problem of this method of financing alongside the American expert, Mr. Jason Best, regarded as the father of the legal framework of the "crowdfunding" in the United States.

​ It should be noted that the "Crowdfunding" or "collaborative funding" that is based on secular values ​​shared for generations in Morocco aims to bring together, via internet, young project managers and a wide public. The coming months will be an opportunity to define the outlines of the bill to introduce this new tool at the Moroccan financial sector.