It was put on hold since the end of 2011. 10% of investment subsidies offered in four sectors. Only 19 projects were funded in the first version.
The grant is given to projects with a minimum investment amount which equals 1 million DH, subject to a ceiling of 5 million dirhams. Currency intake of at least 25% is required
The promotion fund investments of Moroccan expatriates, MDM Invest, revised and corrected have just been reactivated after being put on hold in late December 2011.
Originally planned as a support mechanism in times of crisis, it was to expire after one to two years of existence. “It had to be revived a year ago, but it was necessary to make a number of tradeoffs,” says Hicham Serghini Zanati, CEO of the Central Guarantee Fund (CCG), the fund manager.
We also had to renegotiate the product with the banks. An agreement had been signed between the Ministry of Finance, banks and the CGC in February 2013, but was ultimately unsuccessful.
For this new version, the grant will also be given to projects in association with investors who do not justify the status of MRE (Moroccan expatriates).
“The goal is to encourage MRE to invest in Morocco, and integrate them into real economic dynamics. This concerns the priority areas, away from traditional investments. The state wants the subsidies to be creating added value, “insists Zanati Serghini.
With 100 million dirhams, the MDM Invest fund finances along with banks creation projects and expansion of businesses in Morocco, up to 10% of the contribution of MRE. This is a non-repayable grant, provided that the project is “viable”.
The minimum amount of the project must be at least 1 million dirhams. Four areas are covered: industry and services related thereto, education, health and hotel business. MRE will be able to bring their expertise in these areas, given that traditionally they prefer investing in property, or in cafes and restaurants.
From 2010 to late 2011, the fund that was launched in 2009 has only funded 19 projects, according to the CGC. With a total investment of 109.12 million dirhams including 11 million dirhams in the form of non-repayable grants. The enthusiasm of MRE was not at the rendezvous.
With the project facelift, the hope is to attract a maximum of Moroccans expatriates.
With l’Economiste
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