Join on WhatsApp 
Join on Telegram Rabat – Intelaka program, a state program aiming to finance and support Moroccan Small and Medium-Sized Businesses (SMEs) issued MAD 8 billion ($752.7 million) in loans at the end of August 2022.
Government documents released this week explain that the funds were distributed over 49,882 loans. 93% of said loans were in the form of investment loans, while 7% were used by businesses for operational purposes.
The funds issued by the Intalaka program are set to generate a total investment of MAD 14.9 billion ($1.3 billion) and contribute to the creation of over 100,000 direct jobs, the document specifies.
Earlier this week, Morocco’s Finance Minister, Nadia Fettah Alaoui, said during a presentation at parliament that the 2023 state budget is allocating an additional MAD 3.3 billion ($302.9 million) for investment into different industrial ventures.
During the same presentation, Fettah Alaoui said that the government is working to activate the Mohammed VI Fund for Investment, a fund dedicated to supporting Morocco’s post-pandemic economic recovery, to continue investing in the public sector.
The fund would largely be used to finance public infrastructure projects, support the competitiveness of domestic industries, and national industrial sovereignty in the food, health, and energy sectors.
The minister further explained that in the new fiscal year, the volume of public investment would increase by MAD 55 billion ($5 billion) to reach MAD 300 billion ($27.5 billion).
Read Also: Report: Supporting SMEs Is Key to Expanding Morocco’s Middle Class
