Launching of the new products offer by CCG
Mr. Mohammed BENCHAABOUN, Minister of Economy and Finance chaired, on the sidelines of the 33rd meeting of CCG’s Board of Directors, the launching ceremony of the new CCG products offer intended for Moroccan VSMEs, on Wednesday February 20th, 2019 at the Ministry's headquarters.
The ceremony was attended by Mr. the Minister of Industry, Investment, Trade and Digital Economy, Mr. Chairman of the Professional Group of Banks of Morocco (GPBM), Mr. President of the General Confederation of Enterprises of Morocco (CGEM), Mr. President of the National Federation of Microcredit Associations (FNAM), as well as the Director General of CCG.
In his speech, Mr. BENCHAABOUN did not fail to recall that, in the context of the implementation of the National Financial Inclusion Strategy, and in order to strengthen the access to financing mechanisms in favor of VSMEs, CCG has set up a new products’ offer, redesigned and gathered under two main components, where the first is destined to investment loans (mid and long term loans), while the second covers SMEs’ working capital needs.
Thus, the new guarantee offer of CCG includes, in addition to "Damane Express", which is dedicated to covering VSEs’ functioning and investment needs, the product “Damane Istitmar” which guarantees investment loans, and mid to long term loans in general. The new offer includes as well the product “Damane Atassyir”, which covers the financing of capital working requirements for SMEs.
In addition to the guarantee offer, two financing products were launched, namely "Mezzanine PME" and "Tamwil Microfinance". The first, which addresses the problem of under-capitalization of enterprises, consists of a subordinated loan for industrial and exporting SMEs, while the second is a financing line in favor of formal VSEs having used Microcredit Associations’ services and aims to reduce the financing cost for this category of enterprises.
At the end of this ceremony, a Memorandum of Understanding was signed between the Ministry of Economy and Finance, the Ministry of Industry, Investment, Trade and Digital Economy, the Professional Group of Banks of Morocco (GPBM), the General Confederation of Enterprises of Morocco (CGEM), and CCG, and concerned implementation of the new guarantee and financing products offer, as well as the doubling of the guarantee ceilings for industrial and exporting SMEs, and those operating in the "Green" sector, with effective governance.
In his speech, Mr. the Minister recalled that by signing this Memorandum of Understanding, CCG, along with the member banks of GPBM and the private sector through CGEM pledge to work harder to strengthen their partnership and promotion of the new product offer through the organization and animation of campaigns and awareness-raising actions.
Were also signed during this ceremony, the cooperation agreements between CCG and Microcredit Associations for the implementation of the new financing offer in favor of formal VSEs.