Rabat - On Tuesday evening, the Casablanca Stock Exchange launched the program "Elite Morocco" to help small and mid-sized enterprises get access to long-term financing opportunities.
Rabat – On Tuesday evening, the Casablanca Stock Exchange launched the program “Elite Morocco” to help small and mid-sized enterprises get access to long-term financing opportunities.
Morocco is the first non-European country to enter the Elite program run by the London Stock Exchange Group (LESG), which aims to fill the gap between the requirements of the capital market and the reality of small and medium-sized businesses in their still-developing home countries.
The program grants Elite Morocco businesses the contracting mechanisms they need in order to find the best way to achieve their development goals while implementing good governance and transparency in their operations.
Mamoun Buhedod, the delegate representing the minister of industry, trade and investment said at the launch that the program would make Moroccan businesses competitive worldwide by providing them the facilities they need to penetrate capital markets.
The delegate also emphasized the importance of the national plan to accelerate industrial development by encouraging and coordinating the construction of locomotive factories and other manufacturing plants to grow Morocco’s strong and promising industrial sector.
Karim Hadji, the director-general of the Casablanca Stock Exchange, said the program will also let Moroccan businesses that aspire to be international to take advantage of a network of foreign and domestic investment experts.
Hadji said the Casablanca Stock Exchange adapted the program according to the country’s local needs and will grow as the experiment ages and improves over time.
The Moroccan stock market had signed an agreement with the LSEG setting up the launch of Elite in the kingdom in 2014.
The LSEG started the international Elite program in 2012 and it now includes more than 270 small and mid-sized companies in 17 different countries. The official website says “Elite is a programme of structured engagement developing and supporting ambitious companies through their next stage of growth.”