Mr. Mohammed BENCHAABOUN, Minister of Economy and Finance chaired, on the sidelines of the 33rd meeting of the Board of Directors of the Central Guarantee Fund (CCG), the launching ceremony of the new CCG product range intended for Moroccan MSMEs, on Wednesday, February 20th 2019 at the headquarters of the Ministry.
This event was attended by the Minister of Industry, Investment, Trade and Digital Economy, the Chairman of the Professional Group of Banks of Morocco (GPBM), the President of the General Confederation of Moroccan Entreprises (CGEM), the President of the National Federation of Microcredit Associations (FNAM), as well as the Director General of the CCG.
In his address, Mr. BENCHAABOUN stressed that, within the framework of the implementation of the National Financial Inclusion Strategy, and in order to enhance the access device of the MSMEs to funding, the CCG established a new product range that has been re-examined and gathered under two sectors : the first is intended to guarantee investment credits (medium and long-term credits), where as the second covers the working capital needs of SMEs.
Thus, the new guarantee offer of the CCG includes besides to "Damane Express", a guarantee offer covering the investment and operating needs of micro-enterprises, the product "Damane Istitmar" which guarantees investment and investment loans in general, medium and long-term credits. The new product range also includes the "Damane Atassyir" guarantee product, covering financing requirements for working capital requirements of SMEs.
Along with the guarantee offer, two financing products were launched, namely "Mezzanine PME" and "Tamwil Microfinance". The first, which addresses the problem of under-capitalization of companies, is a subordinated loan for industrial and exporting SMEs ; the second is a funding line of the formal micro entreprises provided by the Microcredit Associations, which attempts to reduce the cost of financing for such companies.
At the end of this event, a Memorandum of Understanding was signed between the Ministry of Economy and Finance, the Ministry of Industry, Investment, Trade and Digital Economy, the Professional Association of Moroccan Banks (GPBM), the General Confederation of Enterprises of Morocco (CGEM), and the Central Guarantee Fund (CCG) on the implementation of the new products range of guarantee and financing as well as the doubling of the guarantee ceilings for industrial and exporting SMEs, and those initiating projects in the "Green" sector with effective governance.
In his speech, the Minister recalled that by signing this Memorandum of Understanding, the CCG, GPBM member banks and the private sector through the CGEM are committed to do much more to reinforce their partnership and promote the new product range through organizing and hosting campaigns and awareness-raising actions.
During this ceremony, cooperation agreements were signed between the CCG and Microcredit Associations for the implementation of the new funding offer for formal micro-entreprieses.