Morocco: Casablanca Stock Exchange And The Central Guarantee Office Seal New Partnership

Casablanca Stock Exchange And The Central Guarantee Office Seal New Partnership
Casablanca Stock Exchange And The Central Guarantee Office Seal New Partnership

Through a Memorandum of Understanding, both institutions will try to help SMEs access capital markets 

Mr. Karim Haji, General Manager of the Casablanca Stock Exchange, and Mr. Hicham Zanati Serghini, General Manager of the Caisse Centrale de Garantie (CCG), have signed a Memorandum of Understanding which marks the common desire of both parties to foster the access of small and medium-sized enterprises (SMEs) to the capital market. The signing ceremony, which took place in Casablanca, Morocco, was held on the sidelines of the meeting organized by the two partners under the theme: “Improving the governance of SMEs for better access to finance”.

The principal objective of this Memorandum of Understanding is to strengthen the supply of financing targeting SMEs and to contribute to the development of the capital market. As a result, this Protocol will improve the access of Elite winners to the various CCG mechanisms as part of its new product offering.

In this regard, Mr. Karim Hajji said: “Our partnership with the Caisse Centrale de Garantie is another step that brings ELITE Maroc’s certified companies closer to financing mechanisms through the capital market. Thanks to the efforts of the Casablanca Stock Exchange and the CCG, our SMEs will be able to finance their development and consequently contribute to the construction of a solid economic fabric “.

In that meeting, both parties also discussed the process for which Elite certified companies would be introduced to good governance practices as a better way to access to financing. The CCG’s intervention thus highlighted the redesign of its offer made in February 2019, which provides, among other things, for a doubling of ceilings for industrial, exporting and green economy companies that have demonstrated their good performance and governance.

It should be recalled that the Elite program, launched by the Casablanca Stock Exchange in 2016, allows business leaders to benefit from training aimed at familiarizing them with the practices and fundamentals of financial operations and providing dedicated support for their implementation. In relation to the ecosystem for better access to finance through the capital market.

In 2018, the Casablanca Stock Exchange, Abidjan Regional Stock Exchange and London Stock Exchange Group implemented ELITE BRVM LOUNGE for West African companies. Currently ELITE Morocco and ELITE BRVM LOUNGE have a total of more than 110 companies, a dozen investors and nearly 25 partners.