Bank Al-Maghrib Governor Abdellatif Jouahri announced today in Rabat the launch of a new program aimed at supporting banking financing for very small businesses.
The program will allow participating banks to benefit from refinancing at a preferential interest rate.
During a press conference following the first quarterly meeting of the Bank’s board for 2025, Jouahri explained that the program offers a rate 25 basis points lower than the key interest rate.
Its goal is to improve access to credit for very small businesses, which represent approximately 88% of the national economic fabric, and to enhance their role in job creation.
Jouahri also mentioned that a meeting took place on March 6 between Bank Al-Maghrib, banks, and “Tanmia” to discuss measures aimed at facilitating financing for very small businesses.
This consultation allowed for a discussion on various issues, including the improvement of banking procedures, loan requests, response times, and a review of the “Intilaka” program.
He further highlighted that a tripartite meeting will be held in the first half of this year with the General Confederation of Moroccan Enterprises (CGEM), sector federations, and banks, to identify challenges faced by very small businesses and tailor support mechanisms accordingly.
Similar consultations were held in 2016 and 2019, but were halted due to the health crisis.
The Bank’s Board also decided to reduce the key interest rate by 25 basis points for the second consecutive time, bringing it to 2.25%, in order to support economic activity and employment, while ensuring inflation remains within the targeted price stability goals.
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