Morocco introduces new finance program to support young entrepreneurs

MOROCCO – Morocco’s ministry of Economy has launched a new finance program to support young entrepreneurs in the country to access capital necessary for growth of their businesses. The  program launch was attended by Wali of Bank Al-Maghrib, Abdellatif Jouahri, and the Vice-President delegate of the Professional Association of Banks in Morocco, Mohamed Kettani, attended the Intelaka Program’s launch. Also in attendance was the President of the Hassan II Fund for Economic and Social Development, Dounia Taarji, also attended the inauguration ceremony. Morocco’s Minister of Economy Mohamed Benchaaboun who chaired…

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Morocco allocates US$188m fund to support rural enterprises

MOROCCO – Morocco’s monarch, King Mohammed VI has ordered the Hassan II Fund to allocate MAD 2 billion (€188.42), to support the financing of entrepreneurship in rural communities. Morocco’s ministry of Economy said that the program will mainly target small and medium-sized enterprises and young project holders who will get to enjoy a significant reduction in interest rates charged on their loans. “Fixing the level of these rates would help promote entrepreneurship, create employment and gradually mark a shift in the mindset related to bank loans,” the statement from the…

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Morocco creates US$622m fund to finance SMEs

MOROCCO – Morocco has created a fund under the 2020 Appropriation bill that includes a budget of MAD 6 billion (about US$622) to finance enterprises. Morocco World News reported that the fund, which spans over three years, is financed equally by the government and the banking sector. The integrated program covers three main initiatives, including the financing of entrepreneurship, the coordination of support actions for entrepreneurship at the regional level, and the financial inclusion of rural populations. To kickstart the program, King Mohammed VI chaired a signing ceremony in Rabat…

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Morocco’s apex bank, third African institution to join the bank of central banks

MOROCCO – The administration council of the Bank for International Settlements (BIS), known as the bank of central banks, has invited Morocco’s central bank, Bank Al-Maghrib, to join its network. Morocco’s membership makes it the third African country to join the network, after Algeria and South Africa. “Reviewing membership at regular intervals ensures that the membership base remains in keeping with the Bank’s global profile and its mandate to promote global monetary and financial stability,” said the president of the German central bank, Bundesbank, and Chair of the BIS Board,…

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