SMEs: A New Charter to Transform Access to Financing in Morocco

The new charter is part of the High Guidelines of His Majesty King Mohammed VI, may God assist him, expressed in the Royal Speech on July 30, 2025, during the Throne Day celebration. The speech called for reducing social and territorial disparities and promoting integrated territorial development. Additionally, this charter aligns with the King's address at the opening of the first session of the fourth legislative year of the tenth legislature, where he urged the national banking sector to commit more firmly and engage positively in the country's development dynamics. He encouraged the facilitation of credit access procedures, greater openness to self-employed individuals, and financing for small and medium enterprises (SMEs). This initiative supports the deployment of the Investment Charter, which has created new support mechanisms for business investments, particularly for very small, small, and medium enterprises. The goal is to promote private investment, enhance job creation, and reduce territorial disparities. The charter continues the efforts made by stakeholders over the past two decades to facilitate financing access for this segment, particularly under the National Financial Inclusion Strategy jointly led by the Ministry of Economy and Finance and Bank Al-Maghrib. Through this charter, the signatory parties unite their efforts to better serve SMEs throughout their lifecycle. These enterprises represent nearly 94% of the national productive fabric and significantly contribute to employment, although their economic potential remains underutilized. The charter also aims to remove barriers hindering their development and promote more inclusive and balanced growth across the national territory. To this end, the parties commit to implementing new concrete and operational measures in the following areas: - Financing for SMEs: Banks, microfinance institutions, and Tamwilcom will establish enhanced credit and guarantee offers tailored to the specific needs of SMEs. Bank Al-Maghrib has already set up a new refinancing mechanism for SMEs at a preferential rate since March 2025. - Credit rating for SMEs: Banks and microfinance institutions will upgrade their internal rating systems to better account for the specificities of SMEs, while integrating scores from the national scoring system dedicated to this segment, which is expected to be implemented by early 2026. - Support for SMEs: The signatory parties will work to strengthen and coordinate support actions within training, awareness, and technical assistance programs for SMEs, considering their specific needs. The charter establishes a SMEs Committee responsible for monitoring the implementation of the commitments made by the signatory parties.