Promotional loan to Finéa

active

FC development loan to Finéa S.A. for distribution to MSMEs via Moroccan commercial banks. Finéa is a subsidiary of the Moroccan state development bank Caisse de Dépôt et de Gestion (CDG) that specializes in MSME financing. Finéa has the role of an APEX institution in the project, which selects suitable commercial banks for the MSME program based on economic and development policy criteria and concludes and monitors loan agreements with them. With the help of an A+F measure, Finéa and the Moroccan commercial banks are enabled to successfully implement the program. Micro, small and medium-sized enterprises (MSMEs) are growth and employment engines in Morocco. According to the Moroccan Ministry of Industry, MSMEs make up 93% of all registered companies in Morocco and contribute 46% to the number of employees and 38% to GDP. Promoting MSMEs is a strategic goal of the Moroccan government. The "Pacte National pour lEmergence industrielle 20092015" focuses on 11 concrete measures to increase the competitiveness of MSMEs. These measures are implemented jointly by private (business associations) and state actors (ministries, MSME agency, guarantee fund). A commission consisting of the Ministry of Industry and Finance, the Business Association and the MSME agency has drawn up an MSME definition with the support of GIZ. To date, the growth and development of MSMEs in Morocco has been hampered by, among other things, inadequate access to financial services tailored to the target group. The main reasons for the inadequate supply of MSMEs by commercial banks are scarce long-term refinancing funds and a lack of expertise in MSME-oriented lending and monitoring technologies. The project addresses both of these points by providing long-term financing and know-how for MSMEs.