Hassan II Fund for Economic & Social Development offers $210 million to promote entrepreneurship
Hassan II Fund for Economic and Social Development has offered $210 million (2 billion Dirhams) as a contribution to the integrated program to support funding of enterprises.
A ceremony was chaired in this regards by King Mohammed VI in a series of measures taken recently to promote the creation of small and medium sized enterprises and assist young entrepreneurs.
The fund’s contribution will bring to 8 billion dirhams the value of a special fund created to promote SMEs by the government and banking group GPBM.
The newly injected $210 million will be earmarked to fund projects in rural areas at 0% interest rate.
These measures come after King Mohammed VI called for better access of young graduates and project holders to funding with a view to promote entrepreneurship.
As part of the same measures, Moroccan banks said they will offer loans not exceeding 2% interest rates in urban areas and 1.75% in rural areas, while the central bank committed to an unlimited refinancing of these loans at a preferential interest rate.
