The program aims to help Moroccan industries meet the country’s demand for masks, ventilators, and other critical products rather than increasing foreign imports.
Rabat – Morocco’s National Agency for the Promotion of Small and Mid-Sized Enterprises (Maroc PME) is set to invest in a series of projects to manufacture products that are in high demand due to the novel coronavirus crisis.
The “Imtiaz Technologies COVID-19” program, launched on March 29, has so far received 42 project applications, requiring a global investment of MAD 137 million ($13.5 million), revealed the Ministry of Economy on April 1.
A special committee composed of technical and financial experts, along with public officials and private investors, will evaluate the projects before deciding which ones will receive investments.
The program will finance up to 30% of the global investment costs for the selected projects. The investments are capped at MAD 10 million ($990,000) per project for small businesses and MAD 1.5 million ($150,000) for micro-businesses.
Businesses and entrepreneurs who have applied for the program so far are mainly located in the Casablanca-Settat region, with 18 projects.
The remaining projects are located in Rabat-Sale-Kenitra (six projects), Fez-Meknes (five), Marrakech-Safi (four), Souss-Massa (three), and Tangier-Tetouan-Al Hoceima (two).
Maroc PME will continue to accept applications until April 10, before moving to the selection phase.
Applications can be submitted through the web link: candidature.marocpme.ma/covid19.
The financing program aims to direct the Moroccan industry towards manufacturing the products in highest demand amid the COVID-19 outbreak, in order to meet national demand without increasing imports.
Morocco is currently in the second phase of its fight against the coronavirus pandemic. The Moroccan government is attempting to keep the outbreak under control through restricting the movement of citizens and intensifying diagnostic tests.
As of April 1 at 4 p.m., Morocco confirmed 638 COVID-19 cases, including 26 recoveries and 37 fatalities.