The Minister of Economy and Finance Mr. Nizar Baraka, Minister Delegate to the Head of Government in charge of Moroccans residing abroad, Mr. Abdellatif Mâzouz and the Acting Director of the Central Guarantee Fund Mr. Hicham Serghini signed Wednesday, February 27th, 2013 at the Ministry of Economy and Finance an agreement on the management of the investment promotion fund concerning Moroccans residing abroad "MDM INVEST".
This agreement aims to encourage Moroccans residing abroad to invest in Morocco and to strengthen and sustain their economic and financial links with the Kingdom. Therefore, the MDM Invest Fund enables support through grants new or existing investment projects, promoted by Moroccans residing abroad. This grant provides up to 10% of the amount of the investment in the limited MAD 5 million per project.
The MDM Fund management, provided with 100 million dirhams, is assigned to the Central Guarantee Fund.
The two Ministers, the Acting Director of the Central Guarantee Fund and the Vice-President of the Professional Association of Banks in Morocco, Mr. Mohamed Kettani, also signed a Memorandum of Understanding to promote the investment of Moroccans residing broad (MRE) in Morocco.
The contracting parties are committed to promoting the use of the "MDM INVEST" product, awareness-raising on the financing of projects launched by the MRE and the exchange of technical issues and information about MRE.