Morocco adopts a bill to expand the Casablanca Stock Exchange
The financial center will open to foreign companies.The Moroccan government has adopted new legislation aimed at developing the financial center of the country.
This bill includes the ability to list foreign companies, even if they do not have their headquarters in Morocco, reports the Ecofin agency.
It also includes the creation of an alternative market, which should enable small and medium-sized enterprises (SMEs) to access the market on terms appropriate to their size.
In addition, it provides for the creation of Exchange Traded Funds and Real Estate Funds as well as the expansion of securities companies's business scope through activities related to the field of intermediation.
This legislation complements efforts made by the Casablanca Stock Exchange to expand. It signed a few weeks ago an agreement with the London Stock Exchange Group 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."