The 32nd meeting of the Central Guarantee Fund’s (CCG) board of directors : 13/04/2018

The 32nd meeting of the Central Guarantee Fund’s (CCG) board of directors

The Minister of Economy and Finance, Mr. Mohamed Boussaid, presided Friday, April 13th, 2018 the 32nd meeting of the Central Guarantee Fund’s (CCG) board of directors.

This meeting was dedicated to reviewing 2017’s activity and fixating goals and strategic guidelines of the institution as well as the means to be applied as to reach those goals.

The Minister renewed, in the beginning of this session, the Government’s commitment and mobilization so to create an economic momentum able to accompany the major projects initiated by His Majesty King Mohamed VI for the country’s economic and social development. A momentum that will be achieved through supporting investment, industrial integration, the strengthening of Moroccan SME’s competitiveness and the reinforcement of the financial inclusion of micro-businesses and households.

He also emphasized the Government’s interest in startups and innovative project promoters by the operationalization of the Innov Invest Fund, which aims to make Morocco a regional Hub and a destination choice for innovation and investment in the economy of the future.

Mr. Boussaid commended the CCG’s performance thanks to the diversification and the improvement of the attractiveness of its products. He stated that those measures allowed the CCG to develop real synergy with the principal financing institutions and fully reach the goals set to serve the financial support of micro-businesses and private individuals.

When requested to present the main items in the program, Mr. Hicham Zanati Serghini, the managing Director of the CCG, outlined the achievements of 2017, emphasizing the positive dynamic observed. He showed the activity’s results which amounted to about 25 billion MAD of granted secured credits, with an annual growth of 18%.

He indicated that, during this period, their efforts to support micro-businesses continued its surge with a total of 20.2 billion MAD, an increase of 23% compared to 2016, which was beneficial to more than 9.100 micro-businesses.

On the other hand, private individuals’ activity increased by 2% compared to the previous financial year, mobilizing a 5 billion MAD grant of secured credits for 22.000 beneficiaries.

The board of directors, which commended these positive achievements, then approved of the production targets for the year 2018, the institution’s budget for the said financial year as well as the institution’s new risk management policy.