Small businesses in Morocco are due to receive a boost from the government, as new agreements provide greater access to capital and credit.
By Sarah Touahri for Magharebia in Rabat – 09/12/09
The Moroccan government is taking fresh steps to support beleaguered local businesses, which are a key part of the national economy. Two new programs by the National Agency for the Promotion of Small and Medium Enterprises (ANPME) are intended to boost competitiveness in the struggling sector.
The first, called Imtiaz, is designed for companies with development plans who wish to take advantage of assistance worth up to 20% of their investment in tangible and intangible assets. The subsidy can be up to five million dirhams.
The second program, called Moussanada, is designed to help SMEs in the process of modernizing and improving their competitiveness by setting up operational support programs which are accessible to all businesses.
To facilitate financing for these projects, the government signed two agreements with banks on December 1st.
ANPME director Latifa Achihabi told Magharebia that the central aim is to promote the financing of projects for SMEs which have reached their maximum borrowing level and have plans for further development. She said it marks the first time that a part of the national budget has been earmarked to support and help SMEs with development plans.
Trade and Industry Minister Ahmed Reda Chami stressed that these two programs are aimed at providing the necessary support for SMEs, which make up 90% of the national economy, to enhance their competitiveness. Chami said that to this end, 1.2 billion dirhams had been set aside to support the initiatives through 2015.
Prime Minister Abbas El Fassi said at the signing ceremony for the two agreements that they would make it possible to give businesses the support they need and to realize the aspirations of the national economy, which is trying to find its place within international markets.
Managers of the participating banks also expressed their determination to support the Moroccan economy. Mohamed Kettani, managing director of the Attijariwafa Bank Group, said that the Imtiaz and Moussanada programs would provide valuable help in restructuring small businesses and improving competitiveness.
Economist Mohamed Chandili told Magharebia that it was time to offer support to this sector, which has suffered from difficulties including the lack of competitiveness, difficulty in accessing financing, and a shortage of staff training.
"In these crisis-ridden times, it is essential to help small and medium enterprises follow through on their vision," he said.
Business leaders have waited a long time for this initiative to be introduced. Ahmed Bouchtioui, who manages a textiles business in Salé, said that a lack of financial resources had led many businesses to fail.
"SMEs need credit if they are to develop," he said. "Otherwise they'll shut their doors. If the banks and the government can give the sector their support, many problems will be solved." Economist Mohamed Chandili told Magharebia that it was time to offer support to this sector, which has suffered from difficulties including the lack of competitiveness, difficulty in accessing financing, and a shortage of staff training.
"In these crisis-ridden times, it is essential to help small and medium enterprises follow through on their vision," he said.
Business leaders have waited a long time for this initiative to be introduced. Ahmed Bouchtioui, who manages a textiles business in Salé, said that a lack of financial resources had led many businesses to fail.
"SMEs need credit if they are to develop," he said. "Otherwise they'll shut their doors. If the banks and the government can give the sector their support, many problems will be solved."
By Sarah Touahri for Magharebia in Rabat – 09/12/09
The Moroccan government is taking fresh steps to support beleaguered local businesses, which are a key part of the national economy. Two new programs by the National Agency for the Promotion of Small and Medium Enterprises (ANPME) are intended to boost competitiveness in the struggling sector.
The first, called Imtiaz, is designed for companies with development plans who wish to take advantage of assistance worth up to 20% of their investment in tangible and intangible assets. The subsidy can be up to five million dirhams.
The second program, called Moussanada, is designed to help SMEs in the process of modernizing and improving their competitiveness by setting up operational support programs which are accessible to all businesses.
To facilitate financing for these projects, the government signed two agreements with banks on December 1st.
ANPME director Latifa Achihabi told Magharebia that the central aim is to promote the financing of projects for SMEs which have reached their maximum borrowing level and have plans for further development. She said it marks the first time that a part of the national budget has been earmarked to support and help SMEs with development plans.
Trade and Industry Minister Ahmed Reda Chami stressed that these two programs are aimed at providing the necessary support for SMEs, which make up 90% of the national economy, to enhance their competitiveness. Chami said that to this end, 1.2 billion dirhams had been set aside to support the initiatives through 2015.
Prime Minister Abbas El Fassi said at the signing ceremony for the two agreements that they would make it possible to give businesses the support they need and to realize the aspirations of the national economy, which is trying to find its place within international markets.
Managers of the participating banks also expressed their determination to support the Moroccan economy. Mohamed Kettani, managing director of the Attijariwafa Bank Group, said that the Imtiaz and Moussanada programs would provide valuable help in restructuring small businesses and improving competitiveness.
Economist Mohamed Chandili told Magharebia that it was time to offer support to this sector, which has suffered from difficulties including the lack of competitiveness, difficulty in accessing financing, and a shortage of staff training.
"In these crisis-ridden times, it is essential to help small and medium enterprises follow through on their vision," he said.
Business leaders have waited a long time for this initiative to be introduced. Ahmed Bouchtioui, who manages a textiles business in Salé, said that a lack of financial resources had led many businesses to fail.
"SMEs need credit if they are to develop," he said. "Otherwise they'll shut their doors. If the banks and the government can give the sector their support, many problems will be solved." Economist Mohamed Chandili told Magharebia that it was time to offer support to this sector, which has suffered from difficulties including the lack of competitiveness, difficulty in accessing financing, and a shortage of staff training.
"In these crisis-ridden times, it is essential to help small and medium enterprises follow through on their vision," he said.
Business leaders have waited a long time for this initiative to be introduced. Ahmed Bouchtioui, who manages a textiles business in Salé, said that a lack of financial resources had led many businesses to fail.
"SMEs need credit if they are to develop," he said. "Otherwise they'll shut their doors. If the banks and the government can give the sector their support, many problems will be solved."
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