The Ministry of Finance wants to integrate VSMEs

The government is working on strengthening the inclusion of small and medium-sized enterprises in the capital market in order to diversify their sources of financing and support recovery. Among the objectives set for this year, a 10% increase in the number of SMEs requesting listing on the alternative market and a 15% increase in the volume mobilized by the capital market compared to 2020. This strategic project is led by the Ministry of Finance in partnership with the Moroccan Capital Market Authority.

The Ministry of Finance is committed to accelerating the access of SMEs to the capital market. Several measures are being adopted or activated, in partnership with the Moroccan Capital Market Authority (AMMC). The goal is to allow the inclusive nature of this market in order to diversify the sources of financing for VSEs and SMEs and support the recovery. According to our information, the ministry and the regulator aim to increase by 10% the number of SMEs requesting registration on the alternative market and by 15% the volume mobilized by the capital market in 2022 compared to 2020 (securities of capital, bond issues and negotiable debt securities, etc.). Among the actions concerned, a reduction in the pricing of commissions due to the AMMC for VSMEs requesting registration on the alternative market. Added to this is the deepening of securitization and the development of crowdfunding platforms. These measures are part of the project to strengthen the inclusiveness of the capital market, financed by the African Development Bank.

According to an analysis by the AfDB to be carried out at the end of 2021 for this purpose, access to financing for VSMEs remains difficult. This requires a diversification of their sources of funding to complement the impact of the banking and microfinance sector. This notably involves facilitating direct access to the capital market for solid SMEs and developing products and mechanisms to mobilize investors’ savings to channel them to VSMEs. Market financing mechanisms – such as guarantees – and new capital market instruments (crowdfunding, securitization, etc.) are an opportunity to meet the challenge of financing entrepreneurship and small and medium-sized enterprises in Morocco for the economic recovery. “The development of innovative products such as securitization and crowdfunding, the revitalization of the role of UCITS, OPCCs and OPCIs, the development of investment capital activity, the strengthening of financing guarantee mechanisms in favor of exporting companies and the facilitating access for SMEs to financing solutions through the capital market are among the areas on which the authorities should make more efforts”, recommends the AfDB.

In a letter addressed at the end of 2021 to the AfDB for the support of financial inclusion in Morocco, the Minister of Finance, Ms. Nadia Fettah, declared that “the government is continuing its efforts aimed at simplifying the conditions of access for SMEs to the capital market in order to boost their financing, and continue the development of securitization to make it an innovative mechanism for economic recovery”. On another aspect, adds the Minister, in order to promote Fintechs, Morocco has published in the BO Law 15.18 on collaborative financing “Crowdfunding”, which opens the way to the development of alternative financing tools and allows the mobilization of new sources of financing, in particular for the benefit of VSEs and young initiators of innovative projects. “The Department of Finance is working to prepare the regulatory framework for the launch of the first platforms,” ​​said the Minister.

In addition, Law 36.20 transforming the Central Guarantee Fund (CCG) into a public limited company (National Company for Guarantee and Financing of Enterprise: SNGFE) opens the way in the medium term to another level of reform of the guarantee system in the objective of ensuring greater effectiveness and efficiency of public financing support policies.


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