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Rabat – Moroccan Businesses working in the hospitality sector, including hotels, are now receiving funds from the MAD 2 billion ($202 million) the government has dedicated to supporting the tourism sector.
In the first phase of the program, 373 tourist accommodation establishments, including hotels, have received a total of MAD 1 billion ($101), according to an official press release quoted in a report by the news website Le360.
According to the report, the tourism ministry approved all requests below the MAD 500,000 ($50,700) threshold, in a bid to support small businesses in the Moroccan hospitality industry.
As part of the state-financed program to improve the sector’s product offering, the ministry of tourism said the funds aim to support businesses to invest in the maintenance of equipment and space and accelerate the rate of transitioning to renewable energy.
In addition to providing businesses with the capital to improve their services, the fund aims to help the tourism sector bounce back post-pandemic, the press release explained.
The tourism ministry allocated 90% of the funds to businesses that were active in the sector at least since 2019, with the remaining 10% of the budget going to special cases of businesses that do not meet the criterion.
In addition, and to encourage small structures, requests for grants of less than 500,000 DH have all been granted, stressed the statement, adding that the ministry initially opened calls for applications for the program in February 2022.
For regions where requests for grants did not exceed the budget allocated for the region, 100% of requests were approved, the statement pointed out, noting that the second phase of the program will open next July.
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