BAM 2024 Council: the budget has been doubled to ensure support for “Intelaka” entrepreneurship


The day before yesterday, Tuesday in Rabat, during a press briefing held at the end of the first meeting of the BAM Council for the year 2024, the Wali of Bank Al-Maghrib (BAM) Abdellatif Jouahri affirmed that the credits disbursed so far within the framework of the Integrated Entrepreneurship Support and Financing Program “Intelaka” have reached more than 8 billion Dirhams (billion dirhams).

“The Intelaka program is closely monitored, practically on a monthly basis, by the Monetary and Financial Committee that I personally chair.”

The Wali also indicated that despite the thousands of beneficiaries who were able to benefit from this program, which reached more than 8 billion dirhams of credits disbursed, the rejection rate remains high, reaching 40%. In this sense, he underlined the importance of the support measures put in place for the benefit of the beneficiaries, specifying that the budget has been doubled in order to ensure that this support takes place in the best possible conditions and to avoid possible difficulties encountered by project leaders. Mr. Jouahri also noted that a draft report prepared by the Court of Auditors on the Intelaka program is currently in the discussion phase. Once finalized, this report will be made accessible to stakeholders.

Referring to overdue debts, the Wali noted the crucial importance of this issue, recalling that a recent meeting was held on this subject, bringing together all stakeholders, including the banking system, financing companies and ministries concerned. “We took into account the comments made by everyone in order to achieve a gradual finalization of the file,” he said.

The Board of Bank Al-Maghrib decided to keep the key rate unchanged at 3%. The Central Bank forecasts that economic growth should be limited to 2.1% in 2024 before accelerating to 4.3% in 2025.

Remember that the BAM Board decided to keep the key rate unchanged at 3%, while continuing to closely monitor developments in the economic situation and inflation. He judged that the current level of the key rate remains appropriate to strengthen the anchoring of inflation expectations and support its return to levels in line with the price stability objective.

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