Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, announced the launch of 58,368 private projects under the integrated entrepreneurship support and financing program “Intelaka”–translated to Start–, with a financial investment of 39 billion MAD.
Speaking at the Lower House’s question time on the role of banks in promoting investment, Fettah said the volume of loans directed toward investment rose by 10% in 2023 and by an additional 3.5% in the first quarter of this year.
She highlighted the substantial reforms implemented by the Tamwilkom company and its services, which are designed to guarantee financing and mitigate risks by up to 80%.
Fettah also underscored the resilience and dynamism of the Moroccan banking sector, noting that Morocco’s Central Bank, ‘Bank Al-Maghrib’ provides the necessary financial liquidity to support Moroccan banks.
Discussing payment deadlines for debts owed by the State and local governments to the private sector, Fettah noted a decrease in the total outstanding amount from 18 billion MAD in 2018 to 11.88 billion MAD at the end of March 2024.
Regarding payment deadlines, the official noted a decline from 55.9 days in 2018 to 34 days at the end of March this year.
The Intelaka initiative, introduced by the Moroccan government in February 2020, provides funds, assistance, and guidance to startups under two years of operation, and seeks to either initiate related projects or accelerate the growth of those already underway.