Italy awards $14 million credit line to Moroccan SME’s
The Italian government has awarded Morocco a €15.5 million ($14.5 million) credit line for small and medium-sized enterprises (SME). To be paid back over seven years, the loan will have a 5.25 percent interest rate, reported MAP. The credit line will be administered only to companies who engage in employment-generating projects and whose turnover does not exceed 75 million Moroccan dirhams ($6.5 million).
According to Italian government official Serena Massimi, along with the credit line, Italy will launch a new technical assistance program, to be managed by the Investment Promotion Unit (IPU). The program will support new projects by promoting commercial and industrial investment into the North African State.
IPU in Rabat started its activity in June 2001. Financed by the Cooperation Department of the Italian Ministry of Foreign Affairs, the unit is managed by the United Nations Industrial Development Organization (UNIDO), and is hosted by the local counterpart Industrial Development Office (ODI). The IPU has the mandate to promote inflow investments to Morocco and to assist local SMEs in developing industrial cooperation projects with foreign companies.
The Unit is also responsible for the assistance given to Moroccan small and medium companies interested in purchasing Italian technology. Priority is given to the projects with a positive impact on employment, use of clean and updated technology and projects of joint ventures. — (menareport.com)
© 2002 Mena Report (www.menareport.com)