London and Casablanca sign an agreement to develop Moroccan companies
Both stock exchanges are looking to improve businesses' access to finance.The London Stock Exchange Group signed on July 30th an agreement with the Casablanca Stock Exchange to support businesses with high growth potential.
The agreement provides for the launch of the ELITE program, which provides companies with training and direct contact with financial and advisory communities, through a unique online portal.
According to the joint press release, ELITE "facilitates company access to a full range of funding options, and increases company profile and visibility".
In addition, businesses can learn "how to access the most suitable funding for their needs, whether private equity, venture capital or the bond or equity markets."
Launched in 2012 in the UK, the ELITE program now has over 270 participating firms across 17 countries.
"We believe that the ELITE programme, already a success in Italy and the UK, will allow us to build an efficient ecosystem to support the financing of Moroccan SMEs. It will also allow us to support the financing of not only the Moroccan economy, but North and West Africa more broadly," said chief executive officer of the Casablanca Stock Exchange Karim Hajji.
The stock markets of Tunis and Paris signed a similar agreement last month designed to strengthen the support the listing of Tunisian SMEs.
The two stock exchanges hope to ease access to the financial market for Tunisian SMEs, which represent 95 per cent of the country's businesses. The stock listing can offer an alternative source of funding.