2024-04-17 09:39:07
This financing offer is part of the national digital development strategy, and more mainly the Startup Morocco Offer which provides a continuum of financial and technical support throughout the life cycle of start-ups.
A memorandum of understanding was signed for the launch of innovative financing mechanisms for start-up funds during the selection process to be launched by the Mohammed VI Fund for Investment (FM6I). It is part of the High Directions of His Majesty King Mohammed VI who, on the occasion of his speech delivered on March 21, 2018 during the Extraordinary Summit of Heads of State and Government of the African Union on the continental free trade zone, underlined: “digital technology is changing the face of our continent, driven by inventive, creative and daring youth. This digital leap is the result of young start-ups active in the fields of finance, telecoms, industry and agri-food, to name just these areas. It is often a young and low-income population that is at the heart of this innovation process; it must therefore be at the heart of our public policies.” This protocol indeed reflects the will of the Ministry of Digital Transition and Administration Reform, the Mohammed VI Fund for Investment, the Caisse de dépôt et de gestion (CDG) and the delegated ministry in charge of the budget of boost the start-up ecosystem in Morocco by promoting the emergence of a national seed capital and venture capital industry. It marks the launch of an innovative financing offer for start-ups in the critical phases of their growth. “This financing offer is part of the national digital development strategy, and more mainly the Startup Morocco Offer which provides a continuum of financial and technical support throughout the life cycle of start-ups, notably through the granting of living grants, subsidies, loans and technical assistance to operators,” we learned from the signatories. As part of this agreement, a call for expressions of interest will be launched by the Mohammed VI Fund for Investment in partnership with CDG and the Ministry of Digital Transition and Administration Reform for the selection of companies management team responsible for creating and managing funds dedicated to start-ups.
The Mohammed VI Fund for Investment and CDG will jointly invest in jointly selected start-up funds. For its part, the digital transition department will set up a mechanism to cover first losses in order to encourage and develop the investment of these funds in Moroccan start-ups.
Remember that the signing ceremony took place in the presence of Ghita Mezzour, Minister Delegate to the Head of Government in charge of digital transition and administrative reform, Fouzi Lekjaa, Minister Delegate to the Minister of the Economy and finance, responsible for the budget, Mohamed Benchaaboun, general director of the Mohammed VI Fund for Investment, and Khalid Safir, general director of the Caisse de dépôt et de gestion.
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