Signing ceremony of the framework agreement on the management of the "INNOV INVEST" Fund by the Central Guarantee Fund, on behalf of the State. : 30/06/2016
Mr. Mohamed Boussaid, Minister of Economy and Finance chaired, Friday July 1st 2016, the signing ceremony of the framework agreement on the management of the "INNOV INVEST" Fund by the Central Guarantee Fund, on behalf of the State.
Took part in this event the Minister of Higher Education, Scientific Research and Executive Education, the Minister Delegate in charge of small Businesses and the integration of the informal sector, and the President of the Moroccan Capital Investors Association and representatives of the Professional Groups of Banks in Morocco and the General Confederation of Enterprises of Morocco. Representatives of the World Bank and the African Development Bank participated as well in the ceremony.
During his speech, Mr. Mohamed Boussaid stated that the setting up of the "INNOV INVEST" Fund reflects the special priority the Government of Morocco gives to the promotion of young project leaders and the development of entrepreneurship and innovation.
The establishment of this Fund is part of an overall strategy of public authorities to promote the financing of start-ups and innovative projects.
This strategy also includes the development of new financing instruments, expanding the range of active investors in financing the start-up phases of creation as well as the adaptation of the offer of public support tools for this class of projects.
The Fund aims to attract the interest of private investors for the financing of innovative start-ups, to support the development of new players including angel investors and contribute to the consolidation of skills in terms of financing the early growth stages of innovative companies.
The financing of the Fund will be held primarily by public/ private venture capital vehicles established following calls for expressions of interest, equity participation in similar existing funds and by direct or indirect co-investments with "Business Angels" networks.
"Advances / liabilities" as well "Technical Assistance" are components that are planned in order to promote the development of the flow of projects to fund and complete capital investment.
The Fund will have a target size of 500 million Dirhams, to help finance about 100 companies for the equity component and about 300 project leaders for "Advances / liabilities" and "Technical Assistance" components with the direct and indirect effects on the employment as well as tangible impacts on development and the implementation of a segment of financing infrastructure development phase, so far little covered.
At the end of his speech, the Minister stressed the importance of the involvement of all ecosystem operators and the convergence of their efforts. He also emphasized the key role of the private sector in the success of this project and called upon an active participation of private investors for the structuring of investment funds.
Finally, the Minister invited international partners and donors to support public action through an active role as an investor in this project.