Rabat: memorandum of understanding for the launch of innovative financing mechanisms for the benefit of startups

by times news cr

Initialed by the Minister Delegate in charge of Digital Transition and Administrative Reform, Ghita Mezzour, the Minister Delegate to the Minister of Economy and Finance, in charge of the Budget, Fouzi Lekjaa, the Director General of the Mohammed Fund VI for Investment, Mohamed Benchaaboun, and the general director of the Caisse de dépôt et de gestion, Khalid Safir, this memorandum aims to encourage investments in Moroccan startups and coordination between the parties with a view to creating a conducive climate for attract domestic and foreign investment.

Speaking on this occasion, Ms. Mezzour underlined that the objective of this memorandum consists of developing innovative financing mechanisms to enable startups to obtain more financing throughout their development, which is able to enable them to open the doors to innovation and the creation of digital solutions for the Moroccan and global market, in addition to the creation of job opportunities.

According to the minister, the Mohammed VI Fund for Investment and the Caisse de dépôt et de gestion will contribute to innovative financing funds, while the Ministry of Digital Transition and Administration Reform is responsible for creating mechanisms for make investment in startups more attractive and encourage investment through co-financing, with the aim of attracting more Moroccan and foreign investors.

The signing of the memorandum of understanding comes in application of the High Royal Directives calling for the promotion of Moroccan startups and in accordance with the orientation of the Ministry of Digital Transition and Administrative Reform with a view to supporting these companies as he important axis of the digital strategy, clarified Ms. Mezzour.

For his part, Mr. Benchaaboun noted that this initiative aims to guarantee financing adapted to the specificities of startups, whose financing methods differ from those of small and medium-sized enterprises, stressing that these are based on the partnership between the government, the Caisse de dépôt et de gestion and the Mohammed VI Investment Fund.

Under the agreement, the public sector will mobilize around 1.5 billion dirhams (billion dirhams), he said, adding that investments will be attracted for one billion or even 1.5 billion dirhams. with a view to creating funds intended for startups which are experiencing rapid growth, he indicated, stressing that the aim is to achieve the objectives set in the field of innovative financing.

Regarding risks, the general director of the Mohammed VI Investment Fund explained that they will be managed through the creation of guarantee mechanisms which will be financed by the State within the framework of this agreement.

For his part, Mr. Safir noted that this partnership reflects the importance given to the creation of an innovative, dynamic and competitive ecosystem which will place the Kingdom in a leading position in the field of innovation and entrepreneurship in Africa and elsewhere.

Noting that despite the efforts made, startups do not support the dynamics experienced by the Moroccan economy and the qualifications of Moroccan entrepreneurs, the general director of the Caisse de dépôt et de gestion recalled the signing of a framework agreement with the Ministry of Digital Transition and Administrative Reform which aims to provide a global offer relating to the support and financing of startups at all stages of their development. It is also about encouraging qualified entrepreneurs to move forward in the field of entrepreneurship, he added.

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