Rabat - In order to strengthen the financing available to startups and innovative companies, the Moroccan government has set up an innovation and seed-financing mechanism called “Innov Invest Funds” (IIF) as part of its Caisse Centrale de Garantie (CCG) strategy.
Rabat – In order to strengthen the financing available to startups and innovative companies, the Moroccan government has set up an innovation and seed-financing mechanism called “Innov Invest Funds” (IIF) as part of its Caisse Centrale de Garantie (CCG) strategy.
The Moroccan government has sought a loan from the World Bank to finance this project to support the Moroccan entrepreneurial ecosystem. In addition to this fund, the CCG has just published a Notice of Expression of Interest to delegate its accompanying role.
Hicham Serghini, CEO of the CCG, recently spoke at the Moroccan Capital Investment Association’s (AMIC) annual meeting in Casablanca, explaining that this fund will proceed through equity investments, innovation loans, or even financial aid.
“Two to three other funds will be launched in the coming years to support companies in seed stage or venture capital,” Serghini explained, adding that “for pre-seed companies, we will soon launch a labeling for start-up companies’ coaches that can accompany these small businesses with, inter alia, interest-free loans.”
The CCG plans to select a maximum of 10 structures based in Morocco for a period of 3 years, each providing specific support services: prospecting, selection and accompaniment. Where appropriate, these structures may also be funding providers.
Through this delegation, the CCG will select startup incubators to manage their files. This transfer of power is not at all symbolic, as the CCG also intends to provide them with financial support enabling them to directly award grants or loans of honor.
The objective behind the reinforcement of the role of nurseries is to accompany close to 300 project owners and startups, with about 10 projects per structure and per year. This project, along with the Innov Invest Fund, has been financed by a loan from the World Bank.