Morocco’s Ministry of Digital Transition and Administrative Reform, Ministry of Economy and Finance, the Mohammed VI Investment Fund, and the State investment arm (CDG) signed a memorandum of understanding on Monday in Rabat worth 1.5 billion MAD to launch innovative financing mechanisms for startups.
Minister Delegate in charge of Digital Transition and Administrative Reform Ghita Mezzour; Minister Delegate to the Minister of Economy and Finance, in charge of Budget, Fouzi Lekjaa; Director General of the Mohammed VI Investment Fund Mohamed Benchaaboun; and Director General of CDG Khalid Safir signed the agreement.
This partnership will encourage investments in Moroccan startups and coordination to attract national and foreign investments.
Mezzour stated that the memorandum seeks to develop innovative financing mechanisms to help startups secure more funding for their development, enabling them to access innovation and create digital solutions for Moroccan and global markets, as well as generate employment opportunities here in Morocco.
She added that the Mohammed VI Investment Fund and the CDG will contribute to innovative financing funds, while the Ministry of Digital Transition and Administrative Reform will be in charge of creating mechanisms to make investing in startups more attractive and to encourage investment through co-financing to attract more Moroccan and foreign investors.
Benchaaboun noted that this initiative will ensure financing oriented towards startups whose funding needs differ from small and medium-sized enterprises. Investments ranging from one billion to 1.5 billion MAD will be sought to create funds for rapidly growing startups, to achieve innovative financing objectives.
Regarding risks, Benchaaboun explained that they will be managed by creating guarantee mechanisms funded by the State under this agreement.
Safir said that this partnership reflects the importance of “creating an innovative, dynamic, and competitive ecosystem that will position the Kingdom as a leader in innovation and entrepreneurship in Africa and beyond.”