Latest news with #Tamwilcom
Morocco World
01-04-2025
- Business
- Morocco World
Tamwilcom Mobilizes $4.75 Billion in Total Financing for 2024
Doha – Tamwilcom, Morocco's financial institution, delivered strong financial results in 2024, mobilizing total financing of MAD 47.5 billion ($4.75 billion) across 82,200 operations, with commitments reaching MAD 28 billion ($2.8 billion). The organization exceeded its 2024 budget targets by 109%, achieving a 6% year-over-year growth, excluding guarantees for public enterprises. These results emerged from the institution's 10th board meeting held recently in Rabat. Private sector companies received 94% of Tamwilcom's financing support, with a clear focus on micro, small, and medium enterprises (MSMEs). Through its core generic guarantee activity, Tamwilcom facilitated MAD 41.3 billion ($4.13 billion) in credit for MSMEs, backed by MAD 23.4 billion ($2.34 billion) in commitments, representing an 8% increase from the previous year. Notably, micro and very small enterprises received 89% of the guarantee activity. The institution's Islamic finance window, Daama Tamwil, continued its upward trajectory with 15% growth in 2024, marking another year of double-digit growth. It covered MAD 681 million ($68.1 million) in participatory bank financing, supported by MAD 379 million ($37.9 million) in commitments. At its board meeting, chaired by Minister of Economy and Finance Nadia Fettah, Tamwilcom's financial statements for the year ending December 31, 2024, showed a Net Banking Income of MAD 807 million ($80.7 million) and a Net Profit of MAD 386 million ($38.6 million). Tamwilcom is a state-owned public financial institution governed by banking law in Morocco. As the sole state representative for public financing guarantees, it builds on its historical foundation as the Central Guarantee Fund (CCG) to improve financing access for SMEs. With over 70 years of history since its 1949 establishment, Tamwilcom works alongside financial sector partners to support Moroccan businesses through tailored financing mechanisms. In 2020, it transformed into a public limited company under Law 36.20, becoming the National Company for Guarantee and Business Financing (SNGFE). Read also: Morocco Pushes Forward with Startup Support Under Digital 2030 Strategy
Morocco World
19-03-2025
- Business
- Morocco World
BAM Launches New Finance Program for Micro-Businesses
Raba – Morocco's central bank, Bank Al-Maghrib (BAM), has introduced a new program to support bank financing for micro-businesses. This new plan is set to offer participating banks refinancing at a preferential rate. BAM Governor Abdellatif Jouahri made the announcement during a press conference on Tuesday, detailing that the program features a rate set 25 basis points below the key policy interest rate to improve credit access for micro-businesses to strengthen their contribution to job creation. These businesses represent nearly 88% of Morocco's economic fabric, Jouahri explained , following the central bank's first quarterly meeting of 2025. He also recalled that BAM, commercial banks, and Tamwilcom held a meeting on March 6 to examine measures that could facilitate micro-business financing. The consultation addressed several focus areas, including improving banking procedures, application review processes, response times, and revisions to the Intelaka program. The Governor further informed that a tripartite meeting is scheduled for the first half of the year with the General Confederation of Moroccan Enterprises (CGEM), sector federations, and banks. Read also: Abdellatif Jouahri Named Africa's Central Banker of the Year 2024 This upcoming meeting is set to enhance the understanding of challenges that micro-businesses face and adapt support mechanisms accordingly. Similar consultations had taken place in 2016 and 2019 before being interrupted by the health crisis. BAM's Council decided to set a 25 basis point reduction in its key interest rate to 2.25%, marking the second consecutive reduction and the third since last June. This decision considers the projected fluctuation of inflation to levels aligned with price stability objectives and is also set to strengthen the needed support for economic activity and employment. The initiative reflects Morocco's ongoing efforts to bolster its small business, which form the backbone of the national economy, but often struggle with access to formal banking services and credit opportunities. Tags: Bank Al-MaghribeconomyMicro-businesses
