Rabat – CDG Foundation, a non-profit managed by state-owned financial institution CDG Group, has offered MAD2.7 million ($290,879) in small loans to 200 start-ups, the foundation said in a press release published on December 30.
The funds are part of CDG’s broader program to invest in youth empowerment through entrepreneurship. After announcing the program, the foundation received 413 applications from business makers across Morocco.
Following a process of selection, the program jury announced the 200 business makers who are to receive partial or total funds to launch small businesses.
Launched in 2014, the program aims to address social disparities for young people in Morocco by encouraging private business initiatives.
In collaboration with the Mohammed VI Centre For the Promotion of Microfinancing Solidarity, a government non-profit, the National Federation for the Association of Microfinancing, and Jaida Fund, the program extended in 2021 to 78 young women business makers and 122 young men business makers.
In addition to providing financial support, the program also aims to provide training and guidance for the selected 200 young business makers to support the successful launch of their companies into the business world.
Now in its 7th annual version, the program aims to identify eligible businesses through micro-financing institutions to benefit from the financial support and the know-how provided by the program.
In 2021, private institutions launched a number of similar initiatives to support young business makers debut in the business world by offering financial support as well as free training and legal counselling.
In December 2021, Morocco’s Credit Agricole Banking Group launched a program for young rural business makers under the name of “Dar Al Moustatmir Al Qaraoui.”
The banking group pledged to support young business makers aiming to invest and bring about change in their local communities.
In line with Morocco’s New Development Model, government and private initiatives supporting small businesses all operate under the same guiding principle that there is a dire need to address unemployment and its attendant socio-economic disparities in Morocco.
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