Morocco: Casablanca stock exchange open to West African SMEs
Efforts from the Moroccan government and the Casablanca stock exchange (BVC) to improve SME financing in the country have been praised during the International Forum on SME Financing that was held in Dakar at the end of last week.Efforts from the Moroccan government and the Casablanca stock exchange (BVC) to improve SME financing in the country have been praised during the International Forum on SME Financing that was held in Dakar at the end of last week.
The financial opportunities offered to firms by the stock market were highlighted at the event, Les Echos newspaper reports.
However, currently "Moroccan SMEs are only constituting two percent of the total market capitalisation on the Casablanca stock exchange", said Badr Benyoussef, one of the Directors at the BVC.
The Moroccan government and the BVC have introduced several mechanisms to improve SME financing, such as tax incentives with up to a 50 percent exemption on corporate tax on the three first years of listing.
BVC also provided a grant in order to reduce the costs of introduction on the stock market.
BVC's Director Karim Hajji added that the doors are open for SMEs in West Africa, a region "where SMEs play a major part in growth".
In Morocco, around 95 percent of companies are SMEs, contributing to around 50 percent of employment, the minister of Industry, Trade and New Technologies Ahmed Réda Chami told MAP news agency.
Moroccan SMEs provide 20 percent of the added value, 30 percent of exports, 40 percent of production and 50 percent of investment, he added.