The CCG is called upon to step up in its support for companies as part of the ambitious recovery plan which mobilizes 75 billion in credits guaranteed by the State.
The European Investment Bank has just signed a financing contract of 150 million euros in favor of the Caisse Centrale de Garantie (CCG). These funds are intended to strengthen the liquidity of the CCG to provide the necessary guarantees to partner banks in order to encourage them to grant new loans to SMEs, in the face of the crisis.
It is done. The European Investment Bank has just signed a financing contract with the Caisse Centrale de Garantie (CCG). It provides the CCG with a line of credit of 150 million euros in order to strengthen its guarantee mechanism for the benefit of micro, small and medium-sized enterprises (MSMEs or SMEs) in the face of the coronavirus crisis. The loan from the EIB, which is the bank of the European Union, consolidates the liquidity of the CCG to provide the necessary guarantees to partner banks in order to encourage them to grant new loans to SMEs. In particular, it will support the Damane Relance and TPE Relance guarantee mechanisms deployed to finance the gradual return of businesses to normal activity.
Let us recall that the EIB and the CCG signed in March 2019 a memorandum of understanding for the establishment of a cooperation framework capable of strengthening the capacities of the CCG in terms of supporting the financing of very small, small and medium-sized enterprises (SMEs). Faced with the Covid-19 crisis and its impact on businesses, the two parties accelerated their negotiations for the mobilization of credit lines in order to provide the necessary working capital to businesses lacking in liquidity.
As we announced exclusively last September, an envelope of 300 million euros was envisaged in favor of the CCG. Finally, the two institutions signed a loan agreement of 150 million euros at the end of last December. The Caisse is called upon to step up its support for businesses as part of the ambitious recovery plan. This mega-program mobilizes 75 billion in credits guaranteed by the State for the benefit of all segments of businesses, including public ones, most affected by the crisis. The CCG is responsible for managing this guarantee system. The latest figures show that bank loans granted with the guarantee of the CCG reached 47 billion DH of commitment at the end of October, including more than 27 billion disbursed, for the benefit of nearly 70,000 businesses and auto-entrepreneurs.
For Damane Oxygène (guaranteed up to 95% for operating loans, at the key rate plus 200 bp), the amount committed is MAD 16.5 billion and that disbursed to MAD 13.7 billion in favor of 41,142 companies. For Damane Relance, TPE Relance and Damane Relance Hôtellerie (guaranteed from 80% to 95% depending on the size of the company at the key rate plus 200bp), commitments reached 30.3 billion at the end of October, of which 13.5 billion disbursed to 25,103 companies. With regard to auto-entrepreneurs (the equivalent of 3 months of turnover with a ceiling of 15 KDH up to 85% at the rate of 0%), the amount committed amounted to 33.7 million DH including 31 , 2 million disbursed in favor of 2,875 beneficiaries.
As a reminder, the CCG is currently undergoing institutional reform, with its transformation into a public limited company and a change of name: National Company for Guarantee and Company Financing (SNGFE).
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