The new financing law aims to empower Morocco’s small enterprises, innovative entrepreneurs, and young creatives.
Rabat – The Governing Council in Morocco adopted a new draft law on collaborative financing on Thursday, August 22.
As reported by Moroccan news outlet L’Observateur, the bill aims to strengthen financial inclusion, especially among partners in small projects, in order to support development. The law will ideally support economic and social development and allow for new investment opportunities, according to Government Spokesperson Mustapha El Khalfi.
The bill also hopes to ensure the mobilization of new sources of financing for small enterprises and young, innovative entrepreneurs. It should encourage the active participation of Moroccans in the country’s development projects “through a mechanism of simple, secure, and transparent financing,” El Khalfi stated at a press briefing after the council meeting.
In addition, the bill seeks to “promote the liberation of the creative and cultural potential of young people and to enhance the attractiveness and influence of the Casablanca Financial Center,” according to L’Observateur.
The text of the bill defines the legal framework for collaborative financing and establishes a regulatory mechanism of collaborative financing activities. It also outlines the procedures for establishing and operating collaborative funding platforms and clarifies the specific rules for each of the forms of collaborative financing.