Holding of the 33rd meeting of CCG’s Board of Directors
Rabat, February 20th, 2018
Mr. Mohamed BENCHAABOUN, Minister of Economy and Finance, chaired on Wednesday, February 20th in Rabat, the 33rd meeting of CCG's Board of Directors. This meeting was devoted in particular to review the activity of the 2018 financial year and setting of the objectives for the 2019 financial year as well as the means to be implemented for achieving them.
At the opening of this session, the Minister recalled the High Royal Guidelines on the new development model for Morocco, which, regarding its economic dimension, shall be able to generate more economic and social inclusion and create more jobs and wealth.
While highlighting the important achievements recorded by Morocco in terms of economic development, as evidenced by the renewed confidence of its partners and international investors, Mr. BENCHAABOUN recalled the many challenges yet to be met by our country in terms of competitiveness, attractiveness and growth.
The Minister reaffirmed the commitment and the mobilization of the Government of His Majesty The King to create a virtuous economic dynamic. He also noted that a set of measures for boosting investment and improving VSMEs access to financing are being under the 2019 finance law.
These measures include raising the ceiling of the loans granted by the microcredit associations, thus increasing from 50.000 MAD to 150.000 MAD. To ensure the attractiveness of this measure, particularly in terms of reducing the interest rate of microcredit, the Minister indicated that CCG will set up financing lines for the associations, which will be added to their resources to allow them to grant loans to formalized VSEs on favorable terms.
Mr. Minister also mentioned the simplification of CCG’s guarantee offer, which will henceforth be improved, consolidated and simplified in favor of VSMEs. The new guarantee offer thus allows to address the two main financing issues facing VSMEs, namely investment and operating funds.
To further support the development of SMEs, CCG will double its guarantee ceilings for industrial and exporting enterprises as well as those operating in the clean energy sector, provided for the beneficiary enterprises to have effective governance, he noted.
As part of the measures to boost investment, the Minister said that the focus will be to address the problem of undercapitalization of industrial and exporting SMEs through the deployment of a financing solution from CCG in the form of a subordinated loan on favorable terms.
Mr. BENCHAABOUN commended the positive results recorded by CCG in the recent years, indicating that the extension of its scope of intervention and the reconfiguration of its products offer predict a major evolution of its activity.
As such, he invited all CCG partners (banks, finance enterprises, associations, labeled structures and investment funds) to strive together in order to strengthen the financing of enterprises and startups. He added that enterprises must as well seize these opportunities and engage more dynamically in productive investment and competitive modernization and innovation.
Invited to present the items on the agenda, Mr. Hicham ZANATI SERGHINI, Director General of CCG, outlined the achievements for 2018, highlighting the recorded positive dynamics. He presented the results of the global activity which totaled nearly 26,6 billion MAD of guaranteed and granted loans, that is an annual increase of 10%.
Mr. SERGHINI also specified that during this period, the activity in favor of VSMEs continued its development by totaling 20,5 billion MAD of guaranteed loans, that is an increase of 15% compared to 2017, for nearly 10.800 financing files.
He also recalled the achievements during the first year of activity for the Innov Invest Fund offer dedicated to innovation. This mechanism allowed the financing of 59 startups, for a volume of 41 Million MAD.
The activity dedicated to individuals experienced the same level of achievements as the previous year, mobilizing an envelope of guaranteed loans of over 5 billion MAD, benefiting to more than 22.000 beneficiaries.
The Board of Directors, which praised these positive achievements, subsequently approved the production targets for the 2019 financial year, the institution's budget for the year and the configuration of the new products offer.