Car Ecosystems: banks are actively committed to the sector

The Minister of Industry, Trade, Investment and the Digital Economy Mr. Moulay Hafid Elalamy, the President of the Moroccan Association for Automotive Industry and Commerce have signed on 14 July 2015 in Casablanca, three partnership agreements with respectively AttijariWafa Bank, the Banque Populaire Group and the BMCE Bank Group aiming to accompany the deployment of automobile ecosystems.

These agreements which form part of the operationalization of the framework agreement signed between the State and the three banks at the launch of the 2014-2020 Industrial Acceleration Plan, in April 2014, under the effective presidency of His Majesty King Mohammed VI, provide for accompanying measures and financial support.

The three banks thus offer an appropriate financing package including advance on VAT credit – as the sector is strongly export oriented -, various types of foreign currency financing, factoring to speed up the recovery of subcontractors bills, bridge financing on investment and training grants.

Funding of investment, either in dirhams or foreign currencies, is also part of the offer, which aims to facilitate the installation and development of enterprises in Morocco and help increase the sector’s integration rate.

"The extremely important commitment of financial partners in favour of the automotive ecosystems will give a strong impetus to the sector and contribute to achieving the assigned objectives in terms of job creation, exports and added value ", further stated The Minister of Industry, Trade, Investment and the Digital Economy Mr. Moulay Hafid Elalamy.

The Minister recalled in this regard that " the implementation of the automotive ecosystems will create, in 2020, 90,000 new jobs, increase the sector’s revenues from exports to 120 billion dirhams and achieve a local integration rate of 60%. "
The first 4 ecosystems that have been launched to date in the automotive sector are: “automotive wiring”, “vehicle interior and seats”, “Metal pressing” and “Automotive batteries”. Other ecosystems will be deployed around manufacturers settled in Morocco such as Renault and PSA and foreign-based manufacturers such as Ford and Volkswagen.