Morocco: Banque Populaire and CGEM sign deal for SME development

Jan 13, 2012

An agreement dedicated to the support and strengthening of Moroccan small and medium enterprises (SMEs) was signed in Casablanca on Monday (January 9th) by the Moroccan Business Alliance - Confédération générale des entreprises du Maroc (CGEM) - and Groupe banque populaire (GBP).

An agreement dedicated to the support and strengthening of Moroccan small and medium enterprises (SMEs) was signed in Casablanca on Monday (January 9th) by the Moroccan Business Alliance - Confédération générale des entreprises du Maroc (CGEM) - and Groupe banque populaire (GBP).

"Economic growth cannot happen without SMEs, which represent 95 percent of the national industrial network," President of CGEM Mohamed Horani told MAP news agency.

This three-year agreement - the third of its kind signed between the partners – aims to support SMEs in their development and execution of projects, partly by facilitating their access to credit.

It also includes the creation of an information exchange network dedicated to SMEs, the introduction of regional training sessions and the organisation of national and B2B international events.

President of GBP Mohamed Benchaâboun said this partnership is driven by the convergence of the organisations' objectives to support the development of Moroccan SMEs through financial support or investment advice.

GBP was one of the first contributors to SME finance in Morocco and it grants two-thirds of its loans to SMEs, which represents 162 billion dirhams (€14,6 billion), Le Soir newspaper reports.ADNFCR-2976-ID-801263852-ADNFCR