Hassan II Fund for Economic and Social Development Brings Additional 2 bln MAD To Back Entrepreneurship Projects in Rural World, TAarji

Rabat – The Hassan II Fund for Economic and Social Development brings an additional 2 billion dirhams at zero per cent rate which will be reserved to back entrepreneurship projects in the rural world, representing the quarter of the funding for the “Integrated Program for Enterprise Support and Financing”, said, on Friday in Rabat, President of the Board of the Hassan II Fund for Economic and Social Development Dounia Ben Abbas TAarji.

In a speech at the Rabat royal palace before HM King Mohammed VI, Ben Abbas TAarji said that, in addition to the public/private fund to support entrepreneurship amounting to 6 billion dirhams, jointly funded by the banks and the State, and which was the subject matter of the signed agreements before the Sovereign, the Hassan II Fund provides an additional 2 billion dirhams which will be reserved for the support of entrepreneurship projects in the rural world, thus representing the quarter of the funding for this integrated program.

The amount of 2 billion dirhams provided by the Hassan II Fund, at a rate of zero percent, will support the banks, on top of which the Credit Agricole du Maroc, said TAarji, noting that this helped reduce the interest rate under this program, spurred by HM the King, to a historically low level limited at 1.75%.

The projects which will be funded are those belonging to small or very small businesses, whether they are agricultural or non-agricultural, self-employed entrepreneurs or young project holders, young innovative companies, and small farms (natural or legal persons), she explained.

The said activity can be a new creation or a significant re-conversion of the business, or even an innovative investment or allowing a modernization of the activity, she said, noting that future investment projects under the Melkization operation of collective land operation are also eligible.

For agricultural projects, the typology of eligible projects must be compatible with the vocations specified within the framework of the national strategy for agricultural development and notably by encouraging cultivation with better value added, she stressed.

TAarji also announced the setting up of a monitoring mechanism to assess the real impact of this funding on the rural world and its contribution to the emergence of a rural middle class, adding that with the help of the Caisse Centrale de Garantie, all information relating to the running and achievements of the granted funding will be reviewed regularly.

The Fund will monitor in particular the indicators on the number of jobs created, the number of project holders benefiting from funding, as well as the regional, sectoral and gender distribution, said Ben Abbas TAarji.

These elements will allow banks to adjust their proposals to respond as effectively as possible to the needs of the rural world, she added.

Source: Agency Morocaine De Presse

Hassan II Fund for Economic and Social Development Brings Additional 2 bln MAD To Back Entrepreneurship Projects in Rural World, TAarji

Rabat – The Hassan II Fund for Economic and Social Development brings an additional 2 billion dirhams at zero per cent rate which will be reserved to back entrepreneurship projects in the rural world, representing the quarter of the funding for the “Integrated Program for Enterprise Support and Financing”, said, on Friday in Rabat, President of the Board of the Hassan II Fund for Economic and Social Development Dounia Ben Abbas TAarji.

In a speech at the Rabat royal palace before HM King Mohammed VI, Ben Abbas TAarji said that, in addition to the public/private fund to support entrepreneurship amounting to 6 billion dirhams, jointly funded by the banks and the State, and which was the subject matter of the signed agreements before the Sovereign, the Hassan II Fund provides an additional 2 billion dirhams which will be reserved for the support of entrepreneurship projects in the rural world, thus representing the quarter of the funding for this integrated program.

The amount of 2 billion dirhams provided by the Hassan II Fund, at a rate of zero percent, will support the banks, on top of which the Credit Agricole du Maroc, said TAarji, noting that this helped reduce the interest rate under this program, spurred by HM the King, to a historically low level limited at 1.75%.

The projects which will be funded are those belonging to small or very small businesses, whether they are agricultural or non-agricultural, self-employed entrepreneurs or young project holders, young innovative companies, and small farms (natural or legal persons), she explained.

The said activity can be a new creation or a significant re-conversion of the business, or even an innovative investment or allowing a modernization of the activity, she said, noting that future investment projects under the Melkization operation of collective land operation are also eligible.

For agricultural projects, the typology of eligible projects must be compatible with the vocations specified within the framework of the national strategy for agricultural development and notably by encouraging cultivation with better value added, she stressed.

TAarji also announced the setting up of a monitoring mechanism to assess the real impact of this funding on the rural world and its contribution to the emergence of a rural middle class, adding that with the help of the Caisse Centrale de Garantie, all information relating to the running and achievements of the granted funding will be reviewed regularly.

The Fund will monitor in particular the indicators on the number of jobs created, the number of project holders benefiting from funding, as well as the regional, sectoral and gender distribution, said Ben Abbas TAarji.

These elements will allow banks to adjust their proposals to respond as effectively as possible to the needs of the rural world, she added.

Source: Agency Morocaine De Presse