By Loubna Flah
By Loubna Flah
Morocco World News
Casablanca, July 21, 2013
Morocco’s central bank, Bank al Maghrib, launched a new procedure aimed at boosting the commercial banks‘s potential to deliver loans for small and medium sized businesses.
The second phase of the project will be launched next September to support the banks that raised considerably their financing potential.
Mounir Rizki, the director of the financial operations for Bank al Maghrib explains that the new procedure which replaces the old one operates through a system of three installments offered to the commercial banks to enable them to fund small and medium sized companies.
Bank Al Maghrib is committed to offer MAD 15 million to commercial banks to fund small and medium sized companies and MAD 2 million to fund very small businesses.
The equipment sector is more likely to benefit from these loans. In the second phase of the project, Bank Al Maghrib is committed to offer 10 % of the loan value. The rate interest will not exceed 3%.
The commercial banks that are committed to reinvigorate the small and medium sized sector will be rewarded by Bank al Marghrib and will benefit from more subsidies.
For the commercial banks whose performance was rather sluggish , Bank al Maghrib will have their interest rate soar to 4,5% and the initial price rise by 1,5%.
Mr. Said al Hmoumi, the president of the small and medium sized companies’ federation asserts that this new project “is designed to meet the demands of small and medium size companies and to encourage commercial banks to support them.”
“That said, the commercial banks should be geared to work within the framework of partnership rather than the obsession with guarantees,” he noted.
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