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    Banking Sector Committed to Success of Special, Renovated and Harmonized Support and Financing System for Young Project Holders and SMEs, Benjelloun

    28 Jan 2020

    Rabat - President of the Professional Grouping of Banks in Morocco (GPBM) Othman Benjelloun underlined, Monday in Rabat, the commitment of the banking sector to remain 'mobilized' for the success and sustainability of a special, renovated and harmonized support and funding system for young project holders and SMEs, in accordance with the guidelines and directives laid down in the founding speech delivered by HM King Mohammed VI on October 11 before members of the two Houses of Parliament.

    Speaking, Monday at the Rabat royal palace, on the occasion of the presentation of the 'Integrated Program To Support and Finance Enterprises' and the signing ceremony of relating agreements, chaired by HM the King, Benjelloun said that the banking sector undertakes to contribute by up to 3 billion dirhams, in equal shares with the Government and Bank Al Maghrib, to the financing of the 'Fund of Entrepreneurship Financing Support'.

    'Each of the Banks undertakes to provide young project holders and small and medium enterprises with all the support and time they need, in terms of proximity, assistance for structuring, training and consultancy, in all economic sectors and across the Kingdom', he stressed.

    He added that the Banks pledge that the products offered to young entrepreneurs will be easy to access and use, thanks to streamlined constitution and guarantee procedures, benefiting from free of charge applications and low interest rates, thanks to a privileged refinancing rate granted to banks by Bank-Al Maghrib.

    The banks also commit that the response times to entrepreneurs do not exceed three weeks, said Benjelloun, noting that these deadlines will be improved when the banks will be entrusted by the “Caisse Centrale de Garantie” the delegation of guarantee of up to 80% of the amount of the loan.

    Entrepreneurs will see their access widened to the various financial services in general, thanks to a larger network for regions not yet served, technological tools such as Mobile Banking, as well as Microfinance and MicroAssurance, he said.

    The success of this system relies on individual support carried out at local, regional and national levels, by the Regional Investment Centers, the Caisse Centrale de Garantie and the Moroccan Agency for SME, noted Benjelloun, stressing that the banking community will continue to promote sustainable development actions in the fields of education and child protection, preservation of the environment, culture, art and sport.

    Benjelloun reiterated the commitment that the banking sector will remain mobilized for the success and sustainability of this major mechanism, for the benefit of the Moroccan economic productive fabric, an important source of job creation, income generation, and inclusion of the informal sector in the economy.

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