Mr Moulay Hafid Elalamy, Minister of Industry, Trade, Investment and Digital Economy, met on Thursday 22 October 2015 in Rabat with Mr. Matthias Fekl, Secretary of State for Foreign Trade, the Promotion of Tourism and French Nationals Abroad, to the Minister of Foreign Affairs and International Development.
On this occasion both parties welcomed the positive development of bilateral economic relations. Trade between Morocco and France reached a volume of 8.43 billion euros in 2014. France is the second leading supplier to the Kingdom (4.48 billion euros) and the second largest customer (3.8 billion euros).
Mr. Elalamy and Mr. Fekl agreed on the need to further strengthen their economic relationship, particularly through further integration of the economic fabric of both countries and the innovative redefinition of the basis of their industrial partnership.
In this regard, Mr. Elalamy noted with satisfaction the commitment of France and French companies to be major partners in the first Industrial Acceleration Plan in order to take advantage of business opportunities that arise in the existing and developing ecosystems.
Mr. Elalamy and Mr. Fekl subsequently presided, in the presence of businesspeople and institutional representatives in international development, over a session devoted to the launch of a credit facility and a donation of 25 million euros to fund the purchase of goods and services by SMEs operating in Morocco, and signing of a contract between BpiFrance and the Caisse Centrale de Garantie to help in identifying SMEs with great potential.
This new scheme, a clear strengthening of the outstanding partnership between the two countries, aims to support bilateral investment and business partnerships between Moroccan and French SMEs, both within the two countries, and also setting the course towards key markets such as sub-Saharan Africa, stressed the Minister.
As such, the Minister Mr. Elalamy invited the Moroccan and French companies to take advantage of the instruments that complement this important scheme of funding and support for SMEs, set up between the two countries.
Regarding the two new instruments:
A credit facility, backed by 25 million euros, enabling Moroccan SMEs to finance the purchase of goods and services
This line of credit is intended to support projects satisfying the economic development priorities of Morocco, in particular the commitment of the Government of Morocco to support exports to Africa and to develop the agricultural and agribusiness sectors. The loan is for Moroccan SMEs to enhance their production capacity; finance their purchase of French goods and services in France; finance the purchase of Moroccan and foreign goods and services up to a limit of 30% of the available financial aid.