Bank Al-Maghrib has introduced a new support program to facilitate bank financing for very small enterprises (VSEs), offering participating banks refinancing at a preferential rate. Set at 25 basis points below the benchmark interest rate, this initiative aims to improve VSEs’ access to credit and enhance their role in job creation. Representing nearly 88% of Morocco’s economic fabric, these small businesses are essential drivers of the country’s economic vitality.
On March 6, a meeting was held between the central bank, financial institutions, and Tamwilcom to explore ways to improve financing conditions for VSEs. Key discussion points included streamlining banking procedures, speeding up response times for loan applications, and revising the Intelaka program.
Building on this momentum, a tripartite meeting is scheduled for the first half of the year with the General Confederation of Moroccan Enterprises and sectoral federations. The goal is to better understand the challenges facing VSEs and adjust support measures accordingly. This initiative follows previous consultations in 2016 and 2019, which were interrupted by the COVID-19 crisis.
In parallel, Bank Al-Maghrib has announced another 25-basis-point cut to its key interest rate, bringing it down to 2.25%. This marks the third reduction since last June, reflecting the bank’s strategy to stimulate economic activity and employment while keeping inflation within the target range for price stability.
With this new program and a more accommodating monetary policy, VSE financing has become a central economic priority. Given their critical role in growth and financial inclusion, strengthening support for these businesses is seen as a key factor in Morocco’s economic development.
