Highlights

Meeting of the Steering Committee of the Entrepreneurship Financing Support Fund

20/05/2022
Meeting of the Steering Committee of the Entrepreneurship Financing Support Fund

On Friday, May 20th 2022, the Steering Committee of the Entrepreneurship Financing Support Fund (FAFE), the financing support of the Integrated Support and Financing Program INTELAKA, held a meeting at 3 p.m. at the headquarters of the Ministry of Economy and Finance in Rabat, under the chairmanship of the Minister Nadia FETTAH.

During her opening speech, Mrs. Nadia FETTAH recalled that the INTELAKA program was launched following the speech of His Majesty the King, may God assist Him, at the opening of the first session of the 4th legislative year of the 10th legislature. His Majesty the King, may God assist Him, had urged the banking and financial sector to support young companies and project holders by working for the implementation of a special program for young project holders.

To recall that the steering committee of the FAFE is instituted by the convention on the financing of entrepreneurship, signed on January 27th 2020 in the context of the launch of INTELAKA.

The meeting was attended by the Wali of Bank Al-Maghrib, the President of the Moroccan Banking Association as well as the Presidents of Attijariwafa bank and the Banque Centrale Populaire. The President of the Hassan II Fund for Economic and Social Development and the Director General of the National Guarantee and Financing Enterprise Company (TAMWILCOM) also took part in this meeting.

During this event, the committee took note of the achievements of INTELAKA. Indeed, despite the context of the health crisis, the credits granted under the program INTELAKA totaled, at the end of April 2022, 6 MMDH for a total number of 44 695 credits for the benefit of 28 665 companies, or 94% of the target (13 500 per year). The financing mobilized under this program should generate a total of 13.7 MMDH and contribute to the creation of 97,000 direct jobs or 159% of the target (27,000 per year). In accordance with the agreements signed under the program, the contributions to the end of 2021 were about 4 MMDH distributed between the State (2 MMDH) and banks (2 MMDH).

Additionally, payments from the Hassan II Fund for Economic and Social Development, made according to the requests of the banks, have reached 613 MDH.

The Committee emphasized the need to strengthen the component ''Accompaniment'' of the program, to give a new impetus to the communication towards the public in order to improve the contribution of the program INTELAKA to the service of the entrepreneurship.