Le Matin – The Chamber of Advisors unanimously adopts the bill reforming the Crédit populaire du Maroc

The Finance, Planning and Economic Development Committee under the Chamber of Advisors unanimously adopted, Wednesday in Rabat, Bill No. 32.20 amending and supplementing Act No. 12.96 reforming the Credit populaire du Morocco. Presenting this bill to the Commission, the Minister of the Economy, Finance and Administrative Reform, Mohamed Benchaâboun, specified that this project concerns the strengthening of the governance bodies of the Crédit populaire du Maroc Group and promotion of its own funds. This involves restructuring the capital of the Banque Centrale Populaire and freeing up part of the capital held by the Regional Popular Banks, which are cooperative banks deployed across all regions of Morocco, whose capital is held up to of 51% by the central bank, he noted. In detail, this project proposes to reduce the share of participation of regional banks in the power plant from 51 to 34%, or 17% which will be invested in the equity of these banks, he said, stressing that the ability of banks to finance the economy and grant loans depends to a large extent on the availability of equity capital. Recalling the strategic vision of the People’s Credit Group of Morocco, which has undergone major transformations in recent years, the Minister noted that this bill makes it possible to strengthen the financial base of the People’s Central Bank, while maintaining the People’s Regional Banks as major shareholders in its capital.


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